Tadawul Review:

Tadawul All Share Index (TASI) rose on Thursday, up by +73 points (+0.6%) to close at 11,730 levels. The trading session began on a positive note, with a 22-point increase in the opening, but then displayed fluctuations throughout the session until it closed. In general, 9 out of 21 sectors closed in the green zone, and 116 shares rose while 108 fell. Banks (+0.9%), Utilities (+2.5%), and Food and beverages (+2.1%) sectors contributed the most to the index rise. Stockwise, ACWA Power (+2.9%), SNB  (+2.2%), and Al Rajhi Bank (+0.5%) were the major contributors. The trading activity witnessed an increase in volume and value of 4% and 21%, respectively, to reach 300mn shares and SAR6.6bn in value traded.

 

 

Market Wrap International:

On Friday, the U.S. stock market experienced a decline as the S&P 500 dropped by -0.4%. This decrease was primarily driven by Communication Services, which saw a decline of -1.63%, and Consumer Discretionary, which experienced a decrease of -1.36%. The Nasdaq Composite also recorded a decline of -0.7%. According to the data, the U.S. personal consumption expenditures (PCE) price index remained unchanged last month, following a 0.3% gain in April. Over the 12-month period leading up to May, the PCE price index saw a 2.6% increase, slightly lower than the 2.7% increase observed in April.

 

In Europe, both the Euro Stoxx 600 index and the CAC 40 index experienced declines of -0.2% and -0.7% respectively. These decreases were attributed to political uncertainties in France, which arose after President Emmanuel Macron’s announcement of a snap election earlier this month. The FTSE 100 index also recorded a loss of -0.2%.

 

Asian markets saw positive gains as Japan's TOPIX and NIKKEI 225 indices closed up 0.6% respectively, driven by strong industrial production growth of 2.8%. However, the Hong Kong Index initially gained but later ended the month flat due to relaxed duty-free shopping restrictions for mainland tourists, and investor caution about the future growth prospects of China, resulting in its first monthly loss since January.