Tadawul Review:

Tadawul All Share Index (TASI) rose on Wednesday, up by +37 points (+0.3%) to close at 11,697 levels. TASI started positively with a 15-point gain, and the index continued to rise steadily until the end of the trading day. In general, 12 out of 21 sectors closed in the green zone, and 128 shares rose while 89 fell. Banks (+1.6%), Insurance (+1.4%), and Materials (+0.2%) sectors contributed the most to the index rise. Stockwise, SNB (+5.8%), Riyad Bank (+3.5%), and Saudi Fransi (+2.9%) were the major contributors. The trading activity witnessed an increase in volume and value of 18% and 16%, respectively, to reach 246mn shares and SA6.2bn in value traded.

 

 

 

Market Wrap International:

The U.S. stock market reopened on Wednesday, with the S&P 500 experiencing a decline of -0.7% and the Nasdaq Composite fell by -0.6% as megacap stocks faced pressure due to the rising Treasury yields, which generated concerns regarding the timing of potential interest rate cuts by the Federal Reserve.

The Euro Stoxx 600 in Europe fell by -1.1% on Wednesday, as speculation surrounding OPEC+'s potential maintenance of production cuts at an upcoming meeting and renewed geopolitical tensions affected investor sentiment. Additionally, the FTSE 100 index saw a decline of -0.9% on the same day.

 

In Asian markets, the Hang Seng index declined by -1.8%, and in Japan, the TOPIX fell by -1.0% and the NIKKEI 225 index slipped by -0.8%. Investors were cautious and assessing the wider implications of the notable rise in bond yields.