Tadawul Review:

Tadawul All Share Index (TASI) fell on Thursday, falling by -‎‎64 points (-0.5%) to close at the 12,046 levels. TASI started ‎the session negatively, opening with losses of -7 points, after ‎that, it displayed fluctuations throughout the session until it ‎closed. Overall, 19 out of 21 sectors closed in the red zone, ‎while 171 shares fell and 52 rose. Banks (-0.6%), Insurance (-‎‎1.7%), and Health care equipment and services (-1.5%) ‎sectors contributed the most to the index fall. Stockwise, Al ‎Rajhi Bank (-0.7%), Aramco (-0.4%), and Saudi Awwal Bank (-‎‎1.5%) were the major contributors. The trading activity ‎witnessed a decrease in volume and value of -33% and -6%, ‎respectively, to reach 235mn shares and SAR6.0bn in value ‎traded.‎

 

 

 

Market Wrap International: 

Traders have been anticipating a rate cut by the Federal Reserve in September, with Fed Chair Jerome Powell essentially affirming this expectation on Wednesday. However, growing anxiety is emerging as doubts rise about whether the Fed is moving swiftly enough to maintain a healthy job market in the U.S. The disappointing jobs report released on Friday has intensified these concerns. In response, the S&P 500 fell by -1.8%, the Nasdaq Composite declined by -2.4%, and the Dow Jones Industrial Average decreased by -1.5%.

European stocks extended their losses on Friday, mirroring the global downturn, as disappointing U.S. economic data heightened fears of a potential recession. This uncertainty, combined with the weak economic data, contributed to the broader decline in European markets. The CAC 40 fell by -1.6%, the DAX dropped by -2.3%, and the FTSE 100 decreased by -1.3%.

 

Japanese markets experienced their most significant losses since 2020 on Friday, driven by concerns over increasing interest rates. The global market decline, fueled by weak U.S. economic data and fears of a potential recession, exacerbated these worries and contributed to the sharp downturn in Japanese equities. The major Asian stock indices saw declines: the KOSPI fell by -3.7%, the Nikkei 225 decreased by -5.8%, and the Hang Seng Index dropped by -2.1%.