Tadawul Review:

Tadawul All Share Index (TASI) rose for the 10th day on Wednesday, up by +34 points (+0.3%) to close at the 12,439 levels. TASI opened the session with losses of 54- points and continued to rise gradually throughout the session untll the end. In general, 15 out of 20 sectors closed in the green zone, while 107 shares rose and 111 fell.  Food and beverages (+2.9%), Insurance (+4.0%), and Utilities (+1.6%) sectors contributed the most to the index rise. Stockwise, Savola (+8.2%), Aramco (+0.6%), and ACWA Power (+1.8%) were the major contributors. The trading activity witnessed a decline in volume and value of -14% and -11%, respectively, to reach 335mn shares and SAR10.0bn in value traded.

 

 

 

Market Wrap International:

In the U.S., investors are betting that a resilient U.S. economy and moderating inflation can shield stocks from their deleterious effects this time around. The S&P 500 index climbed by 1.0%, driven by gains in 9 out of 11 sectors. The Industrials sector, in particular, rose by 1.7%. The Dow Jones gained 0.4%, the Nasdaq Composite gained 1.3%, and the Russell 2000 gained 2.4%.

In Europe, the Stoxx Europe 600 index recorded a gains of 0.5% on Wednesday after Britain’s annual inflation rate remained unchanged at 4% in January despite an increase in energy bills as the cost of living crisis persisted. At the same time, the FTSE 100 rose by 0.7%. Consumer price inflation is expected to fall further in the coming months.

In Asia, equities managed to reduce their losses, with Chinese shares listed in Hong Kong (Hang Seng) gaining (0.8%) as trading resumed following holidays. Indian stocks also staged a recovery. Notably, the TOPIX index fell by -1.1%, the Nikkei 225 fell by -0.7%, and the KOSPI index in South Korea saw a -1.1% decline.