Reports

2023-06-18

Daily Market Monitor 18-06-2023

Tadawul Review: 

Tadawul All Share Index (TASI) ended the week with a nominal drop of 17points on Thursday (-0.1%) and settled at ‎‎11,516 levels. TASI opened the session positively, by 8 points, and reached its intraday high in the first hour of trading. However, TASI gradually declined during the remainder hours of the session. In general, 10 out of 20 sectors closed in the red zone, while 115 stocks fell and 90 rose. Banks (-0.3%), Energy (-0.4%), and Materials (-0.2%) sectors contributed the most to the index's -19 point fall. Stockwise, Aramco (-0.5%), Riyad Bank (-1.8%), and Saudi Awwal Bank (-2.0%) were the major contributors. The trading activity witnessed an increase in volume and value of 108% and 31%, respectively, to reach ‎‎587mn shares and SAR9.3bn in value traded.

 

 

Market Wrap International:

The global equity markets broadly moved higher on Friday with a slew of policy decisions announced this week by the central banks failing to give no major surprise. The optimism remained high on the announcement of fresh economic stimulus in China after the council due this weekend. In the U.S, the S&P 500 index sustained above crucial 4400 levels for the second straight session though the index trimmed gains by 0.4% due to drags from communication and tech names.

In Europe, the Stoxx Europe 600 Index rose by 0.5% on Friday, adding to its weekly gains. Luxury goods were the major driver for the session. European mining and energy names also benefited from gains from positive sentiment in commodity prices due to expected stimulus in China. The country level indices sin the region were up 0.2-1.‏3‏%.

In Asia, all major indices moved higher on Friday on China story and policy decisions. A level body in China, State Council, is due to discuss a stimulus package which as per Bloomberg may include as many as 12 measures targeting ailing real estate sector and increase in infrastructure spending. Hang Seng and Shanghai Composite were up 1.‏1‏% and 0.6%. All other major indices were up 0.3-0.7% barring TAIEX which was down by 0.3%.

Daily Market Monitor 18-06-2023