Tadawul Review:

Tadawul All Share Index (TASI) see-sawed between gains and losses on Wednesday and managed to close with minor gains of 23 points (+0.2%) at 12,444. Higher international oil prices provided support to investors sentiment, however, recent volatility in the international market and lack of fresh triggers keep investors cautious. Overall, the index traded in a range of 100points.  In general, 9 out of 20 sectors closed in the green zone, while the advance to decline ratio came in at 1:2. The Energy (+1.8%) and Materials (+0.9%) provided the support to be the index, while Banks (-0.4%) and Real Estate (-2.5%) sectors were the major drags. Stock-wise, the most influential on the index's rise were Aramco (+2%), Sabic Agri-Nutrients (+3.5%), and ACWA Power (+1.6%). The top gainers for this session were Al Hammadi Holding (+9.8%) and Malath Cooperative Insurance Company (+5%). The trading activity witnessed a decline in the volume and value of trading by -2% and -9% to reach 154mn shares and SAR5.8bn. TASI may trade in a narrow range in the next few sessions.

 

 

Market Wrap International:

The major global equity indices underwent a relatively calm trading session on Wednesday as investors prefer to stay cautious ahead of Jakson Hole meeting. Equity indices in China and Hongkong however painted a different picture. In the U.S, the S&P 500 and Nasdaq Composite Index traded in a narrow range following three straight days of losses. Positive economic data on capital goods had a little impact on lifting the sentiments. The uptick in yields continued for one more session with 10-year bond yields jumping by 6 bps to 3.1. Energy, Consumer Discretionary and Real Estate were the best performing sectors for the day in the S&P 500 Index.

In Europe, the benchmark Stoxx Euro 600 Index pared intraday losses of 0.8% to close with minor gains of 0.2%. The Euro stayed at 20-year low at below parity against USD while yields on bonds for many sovereign bonds ticked up. Weak economic data and near-term CPI print in the region have forced investors to adopt a cautious stance despite weaker currency.

In Asia, equity indices in Hong Kong (HangSeng:-1.2%) and China (Shanghai Composite: -1.9%) were dragged down by earnings disappointment, fresh concerns on property stocks and currency devaluation. Rest of the major indices in the region moved in a narrow range+0.1-0.2% except for KOSPI in Korea which jumped 0.5% on value buying.