Reports

2023-12-24

Daily Market Monitor 24-12-2023

Tadawul Review:

Tadawul All Share Index (TASI) declined, on Thursday’s session by -81 points (-0.‏7‏%) to close at 11,622 levels. TASI opened on a negative note with -43 points and continued declining gradually throughout the session until the end. Overall, 17 out of 20 sectors closed in the red zone, while ‎‎151 shares fell and 63 rose. Banks (-1.4%), Materials (-0.2%), and Telecom (-0.6%) sectors contributed the most to the index fall. Stockwise, Al Rajhi Bank (-1.3%), Saudi National Bank (-2.2%), and Alinma Bank (-1.3%) were the major contributors. The trading activity witnessed a decline in volume and value of -12% and -9%, respectively, to reach ‎‎201mn shares and SAR5.2bn in value traded.

 

 

Market Wrap International:

In the U.S., investors approached the Christmas holiday weekend, they considered recently released inflation data that was lower than anticipated. This reinforced expectations for potential interest rate cuts by the Federal Reserve in the upcoming year. Analysts are also highlighting the delayed market response to the Red Sea vessel attacks, which resulted in exporters urgently seeking alternative routes. The S&P 500 closed up by +0.2%, with all 10 sectors rising, and the Nasdaq Composite also rose by +0.2%.

In Europe, investors analyzed the recent UK budget deficit update and absorbed the lower-than-anticipated November inflation data. The Stoxx Europe 600 ended up by +0.1%, while the FTSE 100 was up by +0.04% as participants bet on when the Bank of England (BoE) will start cutting interest rates due to the budget deficit.

In Asia, Japan's benchmarks, Topix (+0.4%) and Nikkei 225 ‎‎(+0.1%), demonstrated positive performance following the government's slight upward revision of economic growth projections. In China, the Hang Seng index ended negatively by ‎‎-1.7%, and the Shanghai Composite index saw a decline of -‎‎0.1% as the People's Bank of China prepares to deliver its latest policy decision.

 

 

 

 

 

 

 

 

 

 

 

 

 

Daily Market Monitor 24-12-2023