Tadawul Review:

Tadawul All Share Index (TASI) rose on Monday’s session for the second day, rising by 107 points (+0.9%) to close at the 12,110 level. TASI opened the session positively by +51 points and continued to rise gradually during the session until the end. Overall, 12 out of 20 sectors closed in the green zone, while 125 shares rose and 91 fell. Banks (+2.3%), Utilities (+1.8%), and Health care equipment and services (+1.8%) sectors contributed the most to the index rise. Stockwise, Al Rajhi Bank (+1.8%), Saudi National Bank (+2.4%), and Saudi Fransi (+4.1%) were the major contributors. The trading activity witnessed an increase in volume and value of +21% and +44%, respectively, to reach 337mn shares and SAR9.4bn in value traded.

 

 

 

 

Market Wrap International:

In the U.S., markets ended Monday’s session on a positive note, with the S&P 500 up 0.2% and 8 out of 11 sectors rising as the dollar weakens for a third day as tech shares lead the US index. The Nasdaq composite was up 0.3%, while hopes were fueled by the data for a soft landing and rate cuts in the US. Oil prices edged higher on Monday.

In Europe, the Stoxx Europe 600 rose +0.8% on Monday as Germany started to feel the pinch from delayed shipments via the Red Sea, becoming the latest industry to warn of supply disruptions that have forced some companies to curb production. Meanwhile, the FTSE 100 index closed positively by +0.3%.

In Asia, amidst the move by major banks in China to support the yuan and prevent its too-fast decline and negative market sentiment on equity, the Hang Seng Index experiences a notable drop of -2.3%, and the Shanghai Composite Index records a decline of -2.7%. In Japan, the TOPIX and Nikkei 225 recorded significant gains of 1.4% and 1.6%, respectively, as South Korea aims to make its financial markets more investor-friendly and appealing to foreigners.