Tadawul Review:

Tadawul All Share Index (TASI) slightly declined, ending a 10-day gain by -11 points (-0.09%) to close at 11,703 levels. TASI opened on a positive note with 12 points and continued fluctuating throughout the session until the end. Overall, 10 out of 20 sectors closed in the red zone, while 104 shares fell and 109 rose. Materials (-0.9%), Utilities (-0.9%), and Banks (-0.1%) sectors contributed the most to the index fall. Stockwise, Sabic (-1.9%), Maaden (-2.2%), and ACWA Power (-1.0%) were the major contributors. The trading activity witnessed a decline in volume and value of -2% and -7%, respectively, to reach 229mn shares and SAR5.7bn in value traded.

 

 

 

Market Wrap International:

In the U.S., stocks are soaring towards the year-end holidays, smashing through new records along the way. The S&P 500 closed down from its all-time high on Wednesday's session by -1.5%, with all of 11 sectors falling and the Nasdaq Composite also fell by -1.5% as global disinflation tailwinds lifted bonds and stocks across the world, potentially tempting switches in 2024.

In Europe, British stocks surged on Wednesday, with the FTSE 100 up by +1.0% as investors welcomed an unexpected decline in domestic inflation, which raised optimism that the Bank of England (BoE) might contemplate early interest rate cuts in the coming year. The Euro index (Stoxx Europe 600) ended up by +0.2%.

In Asia, investors expect Beijing to deliver further monetary easing into the new year to support a sputtering economic recovery as deflationary pressure pushes up real borrowing costs. The Hang Seng index ended positively by +0.7%, while the Shanghai Composite index saw a decline of –1.0%, while the benchmarks in Japan showed a positive performance (Topix: +0.7% and Nikkei 225: 1.4%).