2023-11-13
Daily Market Monitor 13-11-2023
Tadawul Review:
Tadawul All Share Index (TASI) declined slightly, down by -7 points to close at the 10,834 level. TASI started the day with a decline of -5 points and maintained a downward trajectory throughout the session. Overall, 9 out of 20 sectors closed in the red zone, while 92 shares fell and 126 rose. Banks (-0.5%), Telecom (-0.6%), and Commercial and professional services (-2.6%) sectors contributed the most to the index fall. Stockwise, Saudi National Bank (-0.7%), Saudi Telecom (-1.3%), and Riyad Bank (-0.9%) were the major contributors. The trading activity witnessed an increase in volume by +17% to reach 203mn shares, while the value declined by -13% to reach SAR4.3bn in value traded.
In the U.S., investors will closely scrutinize the upcoming release of inflation data, including the consumer-price index and producer-price index figures. This comes in the wake of Moody's downgrading its outlook on the U.S. credit rating to "negative" from "stable," citing large fiscal deficits and a decline in debt affordability, a move that drew immediate criticism from President Joe Biden's administration.
In Europe, investors digested warnings by central bank chiefs that the battle against inflation was not over as Russia's October inflation accelerated, justifying the central bank's decision to raise interest rates to 15% last month. The rate hike was aimed at controlling rising prices and demonstrates the bank's commitment to managing inflationary pressures.
In Asia, investors are likely to feel relieved and reassured by the Bank of Japan’s Governor emphasizing the central bank's careful approach to exiting ultra-loose monetary policy in order to prevent significant volatility in the bond market, increasing confidence from investors regarding the stability of the market during the transition.
Daily Market Monitor 13-11-2023
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