Tadawul Review:

Tadawul All-Share Index (TASI) closed down for the third day in a row by -122 points (-1.2%), closing at its lowest level since the beginning of the year at 10,371. TASI started Monday's session on a negative note and continued its decline for the rest of the session, In general, all sectors except Software & Services closed in the red zone, while 34 stocks rose and 180 fell. Banks (-1.4%), Materials (-1.4%), and Energy (-0.9%) sectors were the major drags on the index and contributed a total of -80 points. Stocks-wise, Al Rajhi Bank (-1.3%), Aramco (-0.9%), and Saudi National Bank (-1.4%) pulled the index down the most. The trading activity witnessed an increase in volume and value by 2% and 9%, respectively, to reach 127mn shares and SAR3.5bn. TASI is merely a stone’s through away from its recent low made on 27/12/2022 (10,359). The index is likely to make an attempt to bounce back from its current levels.

 

 

 

Market Wrap International:

The global equity markets were broadly positive on Monday ‎amid drop in volumes due to closure of the U.S markets. The ‎futures in S&P 500 in Asian markets were down by 0.2-0.3% ‎on Tuesday.‎

In Europe, the benchmark Stoxx Europe 600 Index managed ‎to eke out a positive return of 0.1%. Mining and utilities were ‎the key drivers while tech and industrial names dropped. The ‎country-level indices were mixed (+0.1to -0.2%) but moved in ‎a narrow range.‎

 

In Asia, markets moved higher by 0.1-2.1% as investors ‎sidestepped concerns on future hikes in interest rates ‎following modest drop in most indices last week. Stocks in ‎China (Shanghai Composite: +2.1%) and Hong Kong (+0.8%) ‎were particularly in focus as China announced fresh measures ‎to roll back restrictions on the real estate sector. India’ ‎SENSEX buckled the broader trend and fell by 0.5% ‎