2023-05-18
Daily Market Monitor 18-05-2023
Tadawul Review:
Tadawul All Share Index (TASI) partially pared losses from the previous session on Wednesday and rose 72 points (+0.6%) to close at 11,278 levels. TASI opened the session negatively, down by 4 points from the previous closeand witnessed a gradual increase through the rest of the session until it closed at its intraday high. In general, 10 out of 20 sectors closed in the green zone, while 137 stocks rose and 74 fell. Banks (+1.5%), Food and beverages (2.4%), and Real Estate (+1.4%) sectors contributed the most to the index's 36-point rise. Stockwise, Saudi National Bank (+3.6%), Riyad Bank (+3.0%), and Al Rajhi Bank (+0.4%) contributed the most to the rise of the index. The trading activity witnessed a decline in volume and value by -15% and -13%, respectively, to reach 204mn shares and SAR6.0bn in value traded. The index is likely to remain directionless in the near-term.
The global equity indices moved in both directions amid concerns on the U.S debt ceiling, weak economic data in China. The yields on the U.S treasuries rose by 3-7bps despite progress on the debt ceiling negotiation. In the U.S, the benchmark S&P 500 Index and Nasdaq Composite rose by 1.2% and 1.3% on Wednesday, respectively. Financials, energy, and consumers were the major gainers in the S&P 500.
In Europe, the Stoxx Europe 600 Index dropped for the second straight session and closed with 0.2% losses. The fears of recession in the region remained at the forefront given the latest economic data in the two of the biggest markets. The country level indices moved in divergent directions.
In Asia, the growth concerns in China weighed on the performance on the equity benchmarks in both Hong Kong (Hang Seng: -2.1%) and China (Shanghai Composite: -0.2%). Taiex in Taiwan was a big outlier in the region once again (on strong foreign inflow) and jumped 1.6%. SENSEX in India dropped by -0.6% on profit taking.
Daily Market Monitor 18-05-2023
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