Reports

2023-01-25

Daily Market Monitor 25-01-2023

Tadawul Review:

Tadawul All-Share Index (TASI) closed higher for the fourth consecutive session, rising +30 points (+0.3%) to close at ‎‎10,796 levels, which is the highest closing level since the beginning of the year. TASI began the trading session with a slight increase of +2 points, and the trading session fluctuated throughout the day as it was in the range of 47 points. Despite the fluctuations, TASI remained in green at session close. In general, 11 sectors out of 20 closed in the green zone, while 112 stocks rose and 90 fell. Banks (+0.3%), Materials (+0.4%), and Energy (+0.6%) sectors contributed the most to the index's rise of +25 points. Stock-wise, Al Rajhi Bank (+0.8%), Aramco (+0.6%), and SABIC (+0.8%) contributed most to the rise of the index. The trading volume activity declined by 10% DoD to reach 115mn shares, while the trading value increased by 4% DoD to reach SAR3.6bn. The index is likely to continue its piecemeal recovery in near-term.

 

 

 

Market Wrap International:

The global equity markets were more cautious on Tuesday amid mixed delivery on Dec-end earnings. Important economic data is due later this week which has also pushed investors to adopt a more cautious stance. In the U.S, the treasury yields were broadly stable while the US Dollar index edged down. The benchmark S&P 500 and Nasdaq Composite indices nominally dropped by ‏0.1‏% and ‏0.3‏% amid intraday fluctuation around the previous close. 5 out of 11 sectors in the S&P 500 Index closed in red.

In Europe, the Stoxx Europe 600 Index snapped its two-day rally and dropped by 0.‏2‏% at session end.  A key indicator of private sector business activity surprisingly returned to growth as per flash estimates for Jan-23. The PMI reading came in at ‎‎50.2 ahead of the consensus estimate of 49.8. A strong economic data added to risk of sustained rate hike by the regional central bank.

 

In Asia, markets in China and many other countries were closed for trading due to the New Year holidays. Equity indices in Japan and India continued the surge and were up ‏1.5‏% and ‏0.1‏% at session end. Semiconductor and power utility names in Japan were in focus.

 

Daily Market Monitor 25-01-2023