Tadawul Review: 

Tadawul All Share Index (TASI) closed negatively on ‎Tuesday’s session by -24 points (-0.2%) to close at 11,206 ‎levels. TASI opened the session positively, up 33 points from ‎the previous session. However,TASI faced a volatility ‎throughout the middle of a trading session and closed the ‎session with minor losses. In general, 10 out of 20 sectors ‎closed in the red zone, while 95 stocks fell and 111 rose. ‎Energy (-2.0%), Telecom (-1.0%), and Retailing (-0.8%) ‎sectors contributed the most to the index's 26-point fall. ‎Stockwise, Aramco (-2.1%), Saudi Telecom (-1.5%), and ‎Maaden (-1.3%) contributed most to the fall of the index. ‎The trading activity witnessed an increase in volume and ‎value by 9% and 10%, respectively, to reach 241mn shares ‎and SAR6.9bn in value traded. With no major trigger on the ‎horizon and volatility in oil prices, the index is likely to remain ‎directionless in the next few sessions.‎

 

 

Market Wrap International:

The global equity markets headed down on Tuesday with concerns ‎on debt ceiling, and not-so-encouraging economic data across the ‎regions. In the U.S, the investors were spooked by the lack of ‎progress on ending the impasse on the debt ceiling ahead of ‎deadline. Meanwhile, the latest economic data came in strong, ‎highlighting the possibility of further rate hike. The S&P 500 and ‎Nasdaq Composite closed with losses of 0.6% and 0.2%. Real Estate, ‎energy and Utilities were the major drag on the S&P 500 Index.‎

‎ In Europe, the economic data in Germany (ZEW Institute of gauges ‎of expectations) and  the U.K (drop in payroll for the first time since ‎Feb-21) forced investors to rethink the current valuation despite ‎strong finish to the Mar-end earnings seasons. The Stoxx Europe 600 ‎Index ended its two-day rally and dropped by 0.4%. The country ‎level indices were also weak and fell by 0.1-0.3%.‎

In Asia, key indices moved in divergent directions. TAIEX in Taiwan ‎‎(+1.3%) and Topix in Japan  (+0.6%, on investors’ optimism on ‎earnings and weakening of currency) remain key outliers. Indices in ‎mainland China (Shanghai Composite: -0.6%) dropped on the latest ‎economic data in China. Other major indices moved in a narrow ‎range. ‎