Tadawul Review:

Tadawul All Share Index (TASI) fell on Sunday by -164 points (-1.3%) to close at the 12,402 level. At the start of the session, TASI exhibited a negative opening, with -14 points and continued to decline, reaching an intraday low before gradually reducing its losses. In general, 19 out of 21 sectors closed in the red zone, while 168 shares fell and 50 rose.  Banks (-1.6%), Utilities (-3.2%), and Real Estate (-2.3%) sectors contributed the most to the index fall. Stockwise, ACWA Power (-3.5%), Al Rajhi Bank (-1.0%), and Saudi Research (-10.0%) were the major contributors. The trading activity witnessed a decline in volume and value of -20% and -44%, respectively, to reach 340mn shares and SAR5.9bn in value traded.

 

 

 

Market Wrap International:

Investors will remain cautious in the second quarter following a strong performance in stocks at the beginning of the year. They are closely monitoring the actions of the Federal Reserve, specifically looking for confirmation of an anticipated interest rate cut by June. Additionally, their attention is shifting towards assessing the upcoming earnings reports as they evaluate the overall health and profitability of companies.

The European Central Bank may cut its key interest rate by 100 basis points this year, potentially before the U.S. Federal Reserve. However, there is still no agreement among the eurozone's central banks, and investors are eagerly awaiting Germany's inflation data next week.

In Asia, China will make it easier to move capital in and out of the country and promote financial market deregulation as Beijing seeks to woo foreign investors amid heightened geopolitical tensions.