Tadawul Review: 

Tadawul All Share Index (TASI) rose on Wednesday, up by +102 points (+0.8%) to close at 12,460 levels. TASI initially started with 5 points gain, then continued to rise gradually to close at its intraday high. In general, 13 out of 21 sectors closed in the green zone, and 138 shares rose while 81 fell. Utilities (+7.9%), Materials (+1.2%), and Media (+4.6%) sectors contributed the most to the index rise. Stockwise, ACWA Power (+9.7%), Maaden (+4.8%), and Saudi Telecom (+1.7%) were the major contributors. The trading activity witnessed a decline in volume by -6% to reach 298mn shares while the value increased by 16% to reach SA8.2bn in value traded.

 

 

 

Market Wrap International:

On Wednesday, the US market saw a negative trend, with the ‎‎S&P 500 index remaining unchanged and the Nasdaq ‎composite ‎fell by -0.2%. However, ‎investors faced ‎some difficulty in determining the market's ‎direction as they ‎searched for new factors that could drive the ‎rally even higher. ‎Concurrently, both Treasury yields and the ‎value of the dollar ‎also increased.‎ Federal Reserve Bank of Minneapolis ‎President Neel Kashkari said it’s likely the central bank will ‎keep rates where they are “for an extended period of time.‎

In Europe, stocks advanced Wednesday, with FTSE 100 up by 0.5%, driven by hopes of interest rate cuts in the eurozone, Britain and the United States as inflation eases. The EURO STOXX 600‎ Closed on a positive note by 0.3%.

 

In Asia, the halted a four-day winning streak as focus shifted ‎to earnings to validate a recent rally. the Hang Seng and ‎SHCOMP Index fell by -0.9% and -0.6% respectively. In ‎Japan, both the TOPIX and NIKKEI 225 indices dropped by -‎‎1.4% and -1.6% respectively after the Bank of Japan Governor ‎Kazuo Ueda said on Wednesday the central bank will raise ‎interest rates if trend inflation accelerates in line with the ‎bank's current projections.‎