Tadawul All-Share Index (TASI) closed Tuesday's session down for the second day in a row, declining by -56 points (-0.5%) to settle at 10,849 levels. TASI had opened the session negatively, down 10 points from the previous close, and continued its decline until it reached its intraday low during the end of the regular trading hours, down 89 points. However, TASI was able to reduce some of its losses in the closing auction to add 33 points. In general, 12 out of 20 sectors closed in the red zone, while 137 stocks fell and 71 rose. Bank (-1.0%), Materials (-0.8%), and Energy (-0.5%) sectors contributed the most to the index's fall of -55 points. Stock-wise, AlRajhi Bank (-1.2%), Aramco (-0.5%), and SABIC (-1.5%) contributed most to the fall of the index. The trading activity witnessed a decline in volume and value by -19% and -3%, respectively, to reach 168mn shares and SAR5.1bn. TASI is likely to trade in a narrow range. Volumes are likely to shrink in the next few sessions as extended holiday season approaches.
The global equity indices moved higher on Tuesday as investors brushed aside worries over Fed rate and increased geopolitical tension. The upcoming result season has started to make its impression. The treasury yields in the U.S edged higher. The S&P 500 and Nasdaq Composite moved in a narrow range around previous close and recorded small losses of -0.004% and -0.4% respectively. Investors are focused on the upcoming CPI data (due on Wednesday) for affirmation of the market's view of the rate hike cycle entering its final phase.
In Europe, most indices resumed trading following the Easter holiday. The Stoxx Europe 600 Index rose 0.6% driven by mining and automobile names. Country level indices followed suit and were up 0.4-0.9%. CAC in France closed at the new all time high.
In Asia, the status-quo on policy rate in Korea, weak CPI in China and Warren Buffet’s announcement to explore opportunities in Japan’s financial sectors weighed on the investors’ sentiments. KOSPI was a major outlier with a 1.4% jump followed by NIKKEI 225(+1%), TOPIX (+0.8%) and HangSeng (+0.8%).