Tadawul Review:

Tadawul All-Share Index (TASI) closed Tuesday's session up for the third day in a row and added another +142 points (+1.4%) to close at 10,360 levels. TASI opened the session positively, up +24 points from the previous close, and continued to rise for the rest of the session hours, following the rises in Brent oil prices. In general, 18 out of 20 sectors closed in the green zone, while 174 stocks rose and 37 fell. Banks (+1.5%), Materials (+1.4%), and Telecom (+2.5%) sectors contributed the most to the index's rise of +86 points. Stock-wise, Saudi National Bank (+3.4%), Aramco (+1.5%), and Riyadh Bank (+3.9%) contributed most to the rise of the index. The trading volume activity declined by 12% DoD to reach 158mn shares, while the trading value increased by 9% DoD to reach SAR5bn. TASI may look to extend the recovery in near-term.

 

 

 

Market Wrap International:

The global equity markets remained in a tentative mode with ‎the announcement of a deal between UBS-Credit Suisse and ‎the impending decision by the Fed later this week. The crunch ‎in financial sectors in the U.S remained in the focus as the ‎regulators in the U.S extended the time to auction the two ‎troubled banks taken over by the authorities. Meanwhile stock ‎price of First Republican Bank, another bank with financial ‎distress, dropped on Monday despite significant injection of ‎liquidity by the banking peers in the U.S. The S&P 500 and ‎Nasdaq Composite reflected the investors’ cautious mode and ‎moved in a close range to close with minor gains of 1.3% and ‎‎1.6% respectively. Material and Financial sectors gained 1.2% ‎and 2.5% respectively.‎

In Europe, the regional benchmarks and the country level ‎indices reflected a relief rally and were up 1.3-1.8%. The losses ‎suffered by bond holder in Credit Suisse as a result of the ‎merger made investors cautious. The UBS stocks moved widely ‎before settling with 11.9% at the session end.‎

 

In Asia, the major indices rose in a range of 0.4-1.4%. Hang ‎Seng (+1.4%) was the best performer among the indices. While ‎the indices in Japan were closed due to the Vernal Equinox ‎holiday.‎