Tadawul Review: 

The Tadawul All Share Index (TASI) fell on Sunday, falling by -50 points (-0.4%) to close at the 11,680 level, The Monthly gain was 176 points (MoM: 1.5%), while the YTD reduced losses by -2.4%. TASI started the session positively, opening with gains of 22 points, but then started to decline gradually to close at its intraday low. Overall, 12 out of 21 sectors closed in the red zone, while 119 shares fell and 102 rose. Banks (-1.2%), Insurance (-2.3%), and Food and beverages (-1.0%) sectors contributed the most to the index fall. Stockwise, Al Rajhi Bank (-1.8%), Saudi National Bank (-1.2%), and Bupa Arabia (-4.0%) were the major contributors. The trading activity witnessed a decline in volume and value of -23% and -20%, respectively, to reach 230mn shares and SAR5.3bn in value traded.

 

 

Market Wrap International:

U.S. stock prices experienced a slight decrease on Friday as investors ‎analyzed new economic data. This data suggested that the rate of inflation was slowing down. ‎Additionally, consumer confidence figures came in better than expected. U.S. stock futures and the ‎dollar rose in early Asian trading on Friday as the 2024 presidential candidates, Joe Biden and ‎Donald Trump, competed in their first debate. Trump was seen as performing better than Biden. ‎Even though the election is months away, investors believe a Trump presidency would lead to lower ‎corporate taxes, more contentious trade relations, and higher stock prices and bond yields.‎

In Europe, Major European stock markets closed June with losses, as investors were unnerved by political and ‎economic uncertainties. The DAX in Germany was down 1.4%, and the CAC in France fell 6.4%. This ‎came despite the European Central Bank (ECB) cutting interest rates by 0.25% on June 6, its first ‎reduction since 2019. The rate cut aimed to combat high inflation driven by soaring global energy ‎prices amid the conflict between Russia and Ukraine.‎

In Asia, nInvestors expect the pace of Japan’s stock market rally to slow in the second half, increasing the ‎risk they will shift more money to rival markets. Concerns over the yen’s continued weakness is ‎weighing on market sentiment. Additionally, consumers and companies have cut back on spending, ‎while a third of Bank of Japan watchers surveyed earlier this month by Bloomberg forecast a rate ‎hike in July. Inflation data for Tokyo out on Friday morning picked up in June, likely keeping a ‎potential interest rate hike on the agenda for discussions at the Bank of Japan’s July meeting.