Reports

2023-04-06

Daily Market Monitor 6-04-2023

Tadawul Review:

Tadawul All-Share Index (TASI) snapped a eight-session raly and fell on Wednesday by -28 points (-0.3%) to close at ‎‎10,921 levels, TASI opened the session positively up by 17 ‎‎points from the previous close, but underwent intraday volatility and made an intraday day low of at 10,880 before recovering partially paring losses. In general, 12 out of 20 sectors closed in the red zone, while 119 stocks fell and 93 rose. Health care equipment and services (-3.3%), Materials ‎‎(+0.6 %), and Energy (-0.9%) sectors contributed the most to the index's fall of -27 points. Stock-wise, Aramco (-0.9%), sulaiman Al Habib (-5.2%), and Sabic (-1.3%) contributed most to the fall of the index. The trading activity witnessed a decline in volume and value by -13% and -16%, respectively, to reach ‎‎202mn shares and SAR5.7bn. TASI is likely to remain rangebound and consolidate below 11k mark in the next few sessions.

 

 

Market Wrap International:

The global equity indices were broadly directionless on Wednesday amid concern on economic slowdown in the U.S and currency appreciation in Japan. The trading activity in Asia was also impacted by a national holiday in a number of markets in the region. In the U.S, the impact of weak job opening and labor turnover over data reverberated for the second session with treasury yields dropping by another 4-6bps across 2 to 10 Year tenures. Energy commodity prices however held up while gold stayed above the USD200/oz mark. The equity benchmarks in the U.S, S&P 500 and Nasdaq Composite weakened by 0.2% and 1.1% at session close. 7 out of 11 sectors on S&P 500 closed with losses.

In Europe, the Stoxx Europe 600 Index dropped by 0.2% as investors favored defensive names over cyclicals/growth. The weak PMI data for important economies in the region alongside possibility of further rate hike by the ECB in coming has made investors more cautious. The country-level indices were mixed with FTSE-100 ‎‎(+0.4%) buckling the broader trend in the regional indices.

In Asia, the absence of trading in China, Hong Kong and Taiwan impacted the overall performance of the region. The currency movement in Yen vs USD dragged the key indices in Japan (TOPIX:-‎‎1.9%, Nikkei:-1.7%).Equity benchmarks in Korea (+0.6%) and India ‎‎(SENSEX+1%) closed with modest gains.

 

Daily Market Monitor 6-04-2023