Tadawul Review:

Tadawul All Share Index (TASI) rose for the eighth day on sunday’s session, rising by 58 points (+0.5%) to close at the 11,601 level. TASI opened the session positively by 36 points and jumped to its intraday high by 95 points in the first trading hour, but it continued fluctuating through the rest of the session. Overall, 16 out of 20 sectors closed in the green zone, while 144 shares rose and 74 fell. Materials (+1.1%), Banks (+0.3%), and Telecom (+0.7%) sectors contributed the most to the index rise. Stockwise, Maaden (+3.0%), ACWA Power (+1.2%), and Saudi Awwal Bank (+1.6%) were the major contributors. The trading activity witnessed a decline in volume and value of -37% and -45%, respectively, to reach 195mn shares and SAR4.5bn in value traded.

 

 

 

Market Wrap International:

In the U.S., the optimism dampened by recent comments from a policymaker about potential rate cuts next year has been tempered. Nonetheless, the stock market rally continues as expectations persist of the central bank ending its rate hike cycle and potentially implementing rate cuts in the first half of next year. This rally has propelled major indexes to reach their highest levels of the year, with the benchmark index on track for its longest weekly winning streak in over six years.

In Europe, investors remain confidence for the upcoming week, despite Italy revising its economic growth forecast to 0.6% while the Euro zone data shifting from a trade deficit to a surplus in October, mainly due to a decline in the value of energy imports.

In Asia, market participants anticipate China to maintain an accommodative monetary stance and potentially introduce further stimulus, including interest rate cuts and reserve requirement ratio reductions, to boost the economy in the new year. Meanwhile, as Asia awaits upcoming inflation data, expectations are that Japan's core consumer inflation will ease in November, reaching mid-2022 levels.