2023-10-26
Daily Market Monitor 26-10-2023
Tadawul Review:
Tadawul All Share Index (TASI) rose for the second day, rising by 125 points (+1.2) to close at 10,505 levels. TASI opened the session with a positive note of 43 points and continued to rise throughout the session to close at its intraday high. Overall, 17 out of 20 sectors closed in the green zone, while 188 shares rose and 29 fell. Banks (+1.2%), Materials (+2.1%), and Telecom (+2.7%) sectors contributed the most to the index rising. Stockwise, Bank AlBilad (+5.7%), Alinma Bank (+3.1%), and Sabic (+2.4%) were the major contributors. The trading activity witnessed a decline in volume by -4% to reach 187mn while value remained unchanged at SAR4.6bn value traded.
In the U.S., the S&P 500 edged lower by -1.4%, with 9 of eleven listed sectors falling, and the Nasdaq Composite fell by -2.4% as investors are seeking indications of how companies are adapting to higher interest rates and whether consumer spending is being affected by inflation. Meanwhile, the Treasury 10-year yield increased by four basis points, and there was a second consecutive day of gains in a dollar index.
In Europe, the potential escalation of conflict in the Middle East overshadowed concerns about weakened demand due to bleak economic prospects. The Stoxx Europe 600 rose by +0.04% and In the UK, the FTSE-100 index closed up by +0.3%, while country-level indices closed within a range of +0.1% to +0.3%. Brent, the oil benchmark, maintained its position above $88 on Wednesday.
In Asia, chinese stocks rose (Shanghai Composite: +0.4%, Hang Seng: +0.6%) as the vice finance minister highlighted the role of new sovereign bonds in supporting China's economic recovery amidst heightened fiscal stimulus and a larger budget deficit. The benchmarks in Japan showed a negative performance (Topix: +0.6%, Nikkei 225: +0.7%), with the Japanese currency last at 149.9 per dollar, and other country indices moved in a range of -0.9% / +0.3%.
Daily Market Monitor 26-10-2023
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