Reports

2023-05-15

Daily Market Monitor 15-05-2023

Tadawul Review: 

Tadawul All Share Index (TASI) closed negatively on Sunday’s session by -44 points (-0.4%) to close at 11,348 levels. TASI opened the session positively, by 49 points from the previous close, but the momentum lost steam soon with a gradual decline in the index. In general, 10 out of 20 sectors closed in the red zone, while 106 stocks fell and 99 rose. Banks (-‎‎0.5%), Telecom (-2.1%), and Utilities (-1.8%) sectors contributed the most to the index's 36-point fall. Stockwise, ACWA Power (-2.3%), Saudi Telecom (-1.6%), and Saudi National Bank (-0.8%) contributed the most to the fall of the index. The trading activity witnessed a decline in volume and value by -31% and -27%, respectively, to reach 154mn shares and SAR4.5bn in value traded. The index is likely to make more sideways moves in near-term.

 

 

 

 

 Market Wrap International:

The global equity markets are likely to move sideways in the near-term. With the Mar-end result season coming to a close, concerns over persistent inflation expectation, possibility of further rate hike and fears of  recession may take center stage. The markets are likely to be more data dependent. Key areas of interest include economic activity (GDP, LSM, trade), inflation and labor market. In the U.S, the investors will also look out for the progress on the debt ceiling. The inflation expectation data released last week may reverberate in the early part of this week too.

In Europe, the inflation reading for the region, the U.K employment data and updates on economic activity in Germany will be the center of attention for the upcoming week. The comments from the central officials post hikes in rates by both ECB and BoE will take added importance.

In Asia, the economic data in China and Japan will likely serve as a reality test for the market views on recovery in the former and easing of inflationary pressure in Japan. The investors are broadly expecting authorities in China to roll out more measures aimed at further stabilizing the recovery path. In Japan, inflation data is likely to bring back discussion on the viability of continuation of current ultra loose monetary policy.  ‎‎

 

Daily Market Monitor 15-05-2023