2023-10-24
Daily Market Monitor 24-10-2023
Tadawul Review:
Tadawul All Share Index (TASI) fell for the fourth day, dropping by 203 points (-1.9) to close at 10,293 levels. TASI opened the session with a negative note, declining by -13 points and continuing to decline throughout the session to close at its intraday low. Overall, 19 out of 20 sectors closed in the red zone, while 200 shares fell and 18 rose. Materials (-3.3%), Banks (-1.1%), and Telecom (-2.9%) sectors contributed the most to the index falling. Stock wise, ACWA Power (-5.5%), Sabic (-3.8%), and Al Rajhi Bank (-0.8%) were the major contributors. The trading activity witnessed an increase in volume and value of +41% and +46%, respectively, to reach 213 shares and SAR4.8bn in value traded.
For the global equity markets, amid ongoing robust economic indicators in the U.S. and Federal Reserve speakers reinforcing the need to keep interest rates high until inflation abates, many investors are turning more bearish on risky assets. The S&P 500 edged lower by -0.2 %, with 8 of eleven listed sectors falling, while the Nasdaq Composite rose by +0.3%. The yield on the benchmark 10-year U.S. Treasury note rose above 5.0% on Monday, hitting the July 2007 milestone that it briefly attempted to scale last week.
In Europe, stocks fell to the lowest level since early January, driven by concerns over higher US rates’ impact on global liquidity and a weak export outlook. The Stoxx Europe 600 fell by -0.1% as basic resources stocks fell as copper edged toward its lowest level in almost a year, while the energy sector slipped. In the UK, the FTSE-100 index closed down by -0.4% and the country-level indices closed within a range of +0.02 % to +0.5%.
In Asia, despite the desire for a rebound in risk assets, the prevailing unease in the bond markets hindered their resurgence as the stock markets sustained their decline, with China's CSI300 index reaching its lowest level (-0.1%) in four and a half years and Shanghai Composite: -1.5% as the property bust there continues to smolder. The benchmarks in Japan showed a negative performance (Topix: -0.7%, Nikkei 225: -0.8%) and other country indices moved in a range of -1.3%|-0.8%.
Daily Market Monitor 24-10-2023
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