Reports

2023-01-23

Daily Market Monitor 23-01-2023

Tadawul Review:

Tadawul All-Share Index (TASI) closed Sunday's session up ‎‎+43 points (+0.4%) to close at 10,725 levels. TASI opened the session positively, up +35 points from the previous close, but quickly fell back to complete the first half of trading hours in a volatile manner within the range of 24 points. However, TASI started to build its positive momentum in the second half of the trading hours, reaching its intraday high at the end of the regular trading hour, realizing +66 points from the previous close. At the closing auction, TASI fell 19 points, trimming some of its gains for the day. In general, 14 out of ‎‎20 sectors closed in the green zone, while 140 stocks rose and 64 fell. Banks (+0.5%), Materials (+0.6%), and Energy ‎‎(+0.7%) sectors contributed the most to the index's rise of ‎‎+33 points. Stock-wise, Aramco (+0.8%), Al Rajhi Bank ‎‎(+0.5%), and Riyad Bank (+1.9%) contributed most to the rise of the index. The trading activity witnessed a decline in the volume and value of trading by 3% and 11%, respectively, to reach 98mn shares and SAR3.1bn.

 

 

 

Market Wrap International:

The Dec-end result season is set to enter in full swing next week and along with the economic data on growth and inflation, will emerge as a key driver for the global markets. By and large, investors expect better than expected results, particularly in Europe given the flash estimate of economic activity for Nov-22 and the drop in energy prices in the region. In the U.S, the market will pick up from where they left off and my look to build momentum based on earnings season. Monthly flash estimate for PMI for Jan-23 and Personal Consumption Expenditure data are the two important economic data points for the market to track for the next week.

In Europe, the region appears to have passed the peak winter season without any major energy supply disruption. Economic data released last week points to easing of inflationary pressure. Overall, corporate results may hold up well. That said, performance of the major indices in Jan-23 and the latest statement by the ECB official showing commitment to further rate hike may keep the excitement in check.

In Asia, the region will lack any major economic data or news flow from China markets as markets in China and Hong Kong will be closed for trading for the whole or most part of the week. CPI data in Japan (Tokyo CPI), and central banks’ policy decisions in other economies are the important events for the next week.  ‎‎‎

 

 

 

Daily Market Monitor 23-01-2023