Tadawul Review:

Tadawul All Share Index (TASI) fell on Monday after a 12-day rising streak, falling by -28 points (-0.2%) to close at 12,175. The index had opened the trading session with a decline of -9 points from the previous closing level, but it faced fluctuations until the end of the session. In general, 5 out of 21 sectors closed in the red zone, while 127 stocks rose and 96 stocks fell. Banks (-0.5%), Utilities (-2.5%), and Materials (-0.7%) sectors contributed the most to the index fall. Stockwise, ACWA Power (-3.3%), Saudi National Bank (-1.0%), and Aramco (-0.4%) were the major contributors. The trading activity witnessed an increase in volume and value of 27% and 31%, respectively, to reach 440mn shares and SAR8.3bn in value traded.

 

 

Market Wrap International:

US futures started with minimal movement as traders evaluated how President Joe Biden's choice not to run for reelection would affect the stock market, heading into a week packed with significant earnings reports. The S&P 500 index saw a notable 1.1% gain, buoyed by strong performances in the technology and consumer sectors, while the NASDAQ Composite posted a substantial 1.6% rise, driven by robust earnings reports from leading tech companies.

The FTSE 100 and European stock indexes saw significant gains on Monday morning, with the FTSE 100 rising by 0.5% and major European indices like the DAX and CAC 40 also posting substantial increases, due to recent news about Joe Biden stepping out of the reelection race.

Asian stocks fell on Monday after it was announced that President Joe Biden would not seek re-election and instead endorsed Vice President Kamala Harris, prompting investors to cautiously reduce some of the positions they had taken in anticipation of policies favorable under the Trump administration. Major Asian indices, including the Nikkei 225 and the Hang Seng Index, showed mixed performances: the Nikkei 225 fell by -1.2%, while the Hang Seng Index gained 1.3%. These fluctuations reflect uncertainty regarding future policy directions.