Tadawul Review:

Tadawul All Share Index (TASI) rose for the fifth day‏ ‏on ‎Wednesday’s  session by 23 points (0.2%) at 11,906 levels. ‎TASI opened the session on a positive note, gaining 10 points, ‎and sustained its upward momentum throughout the session, ‎albeit with occasional declines. In general, 9 out of 20 sectors ‎closed in the green zone, while 97 of 223 shares rose and 107 ‎fell. Materials (+1.3%), Food and beverages (+0.7%), and ‎Media (+2.7%) sectors contributed the most to the index's ‎‎+26-point rise. Stockwise, Al Rajhi Bank (+1.5%), Maaden ‎‎(+3.0%), and Sabic Agri-Nutrients (+4.5%) were the major ‎contributors. The trading volume activity increased by 3% ‎DoD to reach 251mn shares, while the trading value declined ‎by -2% DoD to reach SAR6.6bn.‎

 

 

 

 

 

Market Wrap International:

The global equity markets underwent a choppy session on ‎Wednesday amid announcement of the much-awaited Fed ‎decision which overshadowed the ongoing earnings season in ‎the U.S. Overall, the Fed decision to lift the rate by another ‎‎25bps to a 22-year high was not surprising the market. ‎However, the lack of any commitment to end the rate hike ‎cycle in the Fed Chair’s press conference in the post the ‎announcement of the decision perturbed the market. The S&P ‎‎500 S moved sideways and managed to close with minor losses ‎while the Dow Jones Industrial Average sustained its rally into ‎‎13th session. The yields on the U.S treasuries were broadly ‎stable.‎

In Europe, the Stoxx Europe 600 Index pared recent gains ‎and was down by 0.5% at the session end. The below expected ‎result from the consumer giant unnerved the investors. Market ‎also lacked any tangible trigger during the trading hour. The ‎country level in the region however exhibited a magnified ‎volatility.‎

In Asia, investors were cautious after the recent gains and ‎looked for tangible progress on the recently announced ‎stimulus package in China. Barring Sensex (+0.5%) in India, all ‎major indices in the region fell. KOSPI was a major outlier and ‎fell by 1.7% on earnings disappointment.‎