Reports

2023-11-02

Daily Market Monitor 2-11-2023

Tadawul Review:

Tadawul All Share Index (TASI) rose on Wednesday’s session, up by +125 points (+1.2%) to close at 10,815 levels. TASI opened on a positive note with 10 points and continued to increase gradually until the end. Overall, 8 out of 20 sectors closed in the green zone, while 106 shares rose and 109 fell. Banks (+3.9%), Telecom (+1.4%), and Capital goods (+2.4%) sectors contributed the most to the index rise. Stockwise, Al Rajhi Bank (+4.2%), Saudi National Bank (+4.3%), and Alinma Bank (+5.0%) were the major contributors. The trading activity witnessed an increase in volume and value of +28% and +32%, respectively, to reach 275mn shares and SAR8.4bn in value traded.

 

 

 

Market Wrap International:

In the U.S. markets, the U.S. Federal Reserve's decision to maintain benchmark interest rates returned risk appetite to the markets. The S&P 500 closed positive by +1.1%, with eight of eleven listed sectors rising, and the Nasdaq Composite rose by +1.6%. Treasury yields remained elevated, with the yield on ‎‎10-year Treasury notes up 3 bps to 4.9011% and the 30-year Treasury bond up 4 bps to 5.0634%.

In Europe, the Stoxx Europe 600 was up by +0.7% as investors are analyzing the Federal Reserve's decision and assessing various company earnings to make informed investment choices. In the UK, the FTSE-100 index closed on a positive note by +0.3%, with house prices unexpectedly rising in October, indicating a potential property market stabilization. The country-level indices closed within a range of +0.7% to ‎‎+0.8%.

In Asia, equity markets were up for their first weekly increase as Japanese stocks provided a boost following the Bank of Japan's decision to uphold its negative-rate policy. The Chinese indices closed on (Shanghai Composite: +0.1%, Hang Seng: -0.1%), while the benchmarks in Japan showed a positive performance (Topix: +2.5%, Nikkei 225: +2.4%). The other major indices were in a range of -0.4% to +1.0%.

 

Daily Market Monitor 2-11-2023