Tadawul Review:

Tadawul All Share Index (TASI) rose on Wednesday’s session ‎by 42 points (0.4%) to end a nine-day streak of losses, closing ‎at 11,286 levels. TASI opened the session positively, up 20 ‎points from the previous close and showing a fluctuating ‎arount its opening levels in the first trading hour. However, as ‎the session continued, TASI gradually increased during the ‎session until the end. In general, 13 out of 20 sectors closed in ‎the green zone, while 142 of 223 shares rose and 67 fell. ‎Banks (+0.6%), Materials (+1.3%), and Telecom (+0.6%) ‎sectors contributed the most to the index's 46-point rise. ‎Stockwise, Al Rajhi Bank (+1.4%), Sabic (+2.4%), and Aramco ‎‎(+0.3%) were the major contributors. The trading volume ‎activity increased by 12% DoD to reach 246mn shares, while ‎the trading value declined by -11% DoD to reach SAR5.7bn.‎

 

 

Market Wrap International:

The global equity markets broadly moved sideways on ‎Wednesday. The economic data in China , partial relief on ‎windfall tax levy on banks in Italy and the impending CPI data ‎in the U.S were the major topics. Investors are awaiting fresh ‎readouts on inflation in the U.S due on Thursday and Friday.  ‎The data will feed into expectations for future Federal ‎Reserve interest-rate policy. Futures pricing currently shows a ‎strong consensus that the Fed will stand pat at its next ‎meeting. The S&P 500 Index closed the session at ‎‏0.7-‏‎% with ‎‏7‏‎ ‎out of eleven listed sectors dropped. Stock futures edged ‎higher. Contracts tied to the Nasdaq-100, S&P 500 and Dow ‎Industrials all inched upward. Moody's downgrades of regional ‎banks had weighed on markets Tuesday.‎

In Europe, bourses tracked higher midday Wednesday as oil ‎stocks gained on supply drawdowns and bank shares ‎rebounded after Italian officials reconsidered plans for ‎windfall-profit taxes on large banks. The Stoxx Europe 600 ‎Index was up by 0.4%. The country-level indices were also uo  ‎in the range of 0.5% | 0.8%.‎

In Asia, China’s consumer and producer prices fell together for ‎the first time since 2020. SHCOMP went down by 0.5%, ‎while  Hang Seng was up by 0.3%. Japanese stocks fell by -‎‎0.4%/-0.5% after disappointing results from some major ‎companies. All major indices in the region rose 0.2% to  1.2% ‎except Taiwan TWSE (-0.04%).‎