Tadawul Review: 

Tadawul All Share Index (TASI) rose on Thursday, up by +96 points (+0.8%) to close at 12,836 levels. TASI started the session positively, opening with a gain of +34 points and continued to rise gradually during the session until the end. In general, 5 of 21 sectors closed in the green zone, and 80 shares rose while 138 fell. Banks (+3.0%), Media (+2.4%), and Telecom (+0.6%) sectors contributed the most to the index rise. Stockwise, Al Rajhi Bank (+4.5%), Saudi National Bank (+2.2%), and Alinma Bank (+2.6%) were the major contributors to the index’s rise. The trading activity witnessed an increase in volume and value of 5% and 10%, respectively, to reach 371mn shares and SAR 9.0bn in value traded.

 

 

 

Market Wrap International:

In the U.S., the S&P 500 fell by -0.1%, with 8 sectors losses driven by real estate. The Nasdaq composite experienced a 0.2% increase. Investor confidence was supported by the Federal Reserve maintaining its stance on three potential interest rate cuts this year. The Dow Jones fell by 0.8%.

In Europe, the Stoxx Europe 600 index slightly declined by -0.03% after Switzerland's interest rate cut, which reinforced expectations of global rate cuts. Meanwhile, the FTSE 100 witnessed a surge of 0.6% as the Bank of England maintained the interest rate and monitored signs of resolution regarding the country's persistent inflation issue.

In Asia, Japanese firms anticipate the central bank raising interest rates this year, leading to a focus on front-loading capital spending. The Japanese indices, the Nikkei 225 and TOPIX index, experienced gains of 0.2% and 0.6%, respectively. The Hang Seng index ended negatively by -2.2%, and the Shanghai Composite Index saw a 0.9% decline.