Tadawul Review: 

Tadawul All Share Index (TASI) rose on Wednesday, up by +35points (+0.3%) to close at 12,157 levels. TASI initially began with -5 point down, but then started to rise throughout the session to close at its intraday high. In general, 8 out of 21 sectors closed in the green zone, and 84 shares rose while 136 fell. Banks (+0.9%), Utilities (+1.8%), and Real Estate (+1.1%) sectors contributed the most to the index rise. Stockwise, ACWA Power (+2.4%), Al Rajhi Bank (+1.3%), and SNB (+1.6%) were the major contributors. The trading activity witnessed an increase in volume by 12% to reach 214mn shares while the value declined by -2%,to reach SA5.3bn in value traded..

 

 

Market Wrap International:

In the U.S., stocks showed a negative movement on Wednesday as the S&P 500 closed down by 0.3% while strong earnings from semiconductor leader Nvidia (NVDA.O) with (EPS) of $6.12, surpassing expectations of $5.58, and revenue of $26 billion, beating expectations of $24.59 billion and an announcement about a new 10:1 stock split.

In Europe, the Euro Stoxx 600 experienced a -0.3% decline, and the FTSE 100 index slipped by -0.5% on Wednesday after higher-than-anticipated inflation in the UK, as market participants analyzed indicators to determine when the U.S. Federal Reserve would start reducing interest rates.

In Asia, the Hang Seng indices fell by -0.1%. Uncertainties surrounding the yen's movement against the dollar negatively affected the Japanese stock market. However, some strategists believe that the potential strengthening of the yen against the dollar will have limited negative impact. Both Japan's TOPIX and NIKKEI 225 declined by -0.8%.