2023-10-01
Daily Market Monitor 1-10-2023
Tadawul Review:
Tadawul All Share Index (TASI) fell on Thursday’s session by -21 points (-0.2%) to close at the 11,056 level. TASI closed the monthly with a 435 points loss (MoM: -3.8%), paring its YTD gains to 5.5%. TASI opened the session on a positive note of +26 but then started to decline to close at its intraday low. Overall, 10 out of 20 sectors closed in the red zone, while 111 of 223 shares fell and 95 rose. Banks (-0.7%), Food and beverages (-1.7%), and Telecom (-0.8%) sectors contributed the most to the index’s fall. Stockwise, Al Rajhi Bank (-1.2%), Saudi Telecom (-1.1%), and Sabic Agri-Nutrients (-2.2%) were the major contributors. The trading activity witnessed a decline in volume by -12 to reach 181mn shares, while the value increased by +8% to reach SAR6.3bn in value traded.
In the U.S, the S&P 500 closed lower on Friday by -0.3% while Nasdaq Composite was up +0.1%, as investors absorbed the implications of a U.S. inflation report on the Federal Reserve's interest rate policy and adjusted their portfolios on the last day of a weak third quarter for stocks. The yields on 2–10-year tenures fell by 4.5–5 bps, while PCE showed lower than expected, and was below 4.0% for the first time in more than two years. This outcome comes as a welcome development for the Federal Reserve as it contemplates the trajectory of monetary policy.
In Europe, the shares gained on Friday as euro zone inflation for September fell, raising hopes of a pause in interest rate hikes by the European Central Bank. However, the benchmark index still recorded its worst quarterly performance in a year. The Stoxx Europe 600 closed on a positive note by +0.4%, and FTSE 100 index closed up by +0.1%. The country-level indices closed positively within a range of +0.3% to +0.4%.
In Asia, the stock markets rose as the Japan core inflation slowed for the third consecutive month in September, mainly due to lower fuel costs, which suggests an easing of cost-push pressures, providing some relief for the fragile economic recovery. Hang Seng closed positively by 2.5%, while the Japanese indices TOPIX and NIKKEI 225 were down by -0.9% and -0.05%.
Daily Market Monitor 1-10-2023
Download Arabic file
