Tadawul Review:

Tadawul All Share Index (TASI) rose for the 10th day on Tuesday, rising by 37.12 points (+0.3%) to close at the 11, 713 level. TASI opened the session negatively by -22 points but started to rise gradually throughout the session until the end. Overall, 11 out of 20 sectors closed in the green zone, while 128 shares rose and 85 fell. Materials (+0.9%), Banks (+0.3%), and Utilities (+1.3%) sectors contributed the most to the index rise. Stockwise, Saudi National Bank (+1.4%), Sabic (+1.9%), and ACWA Power (+1.0%) were the major contributors. The trading activity witnessed a decline in volume and value of -10% and -3%, respectively, to reach 235mn shares and SAR6.2bn in value traded.

 

 

 

Market Wrap International:

In the U.S., investors grew more bullish in December as they believed the Federal Reserve had finished raising rates and the global economy would avoid a major recession. The S&P 500 ended Tuesday’s session near its all time high as it climbed by 0.6%, with all 11 sectors rising. The Nasdaq Composite rose by 0.7% as  U.S. Treasury yields edged lower but held above multi-month lows reached last week.

In Europe, equities recorded modest gains on Tuesday as traders evaluated central bank policies and assessed technical indicators, indicating that the recent five-week rally may have exceeded reasonable levels. The Stoxx Europe 600 ended up by +0.4% and  the FTSE 100 index was positive by +0.3% as manufacturing orders improved slightly this month as the sharp drop eased and factories became more optimistic about early next year's output.

 

In Asia, after the decision of the Bank of Japan to postpone any additional tightening of its accommodative monetary policy until next year, joining the other three major central banks in wrapping up their actions for the year, the Hang Seng index ended negatively by -0.7% while the Shanghai Composite index saw an increase of +0.1%. Additionally, the benchmarks in Japan also showed a positive reaction (Topix: +0.7% and Nikkei 225: +1.4%).