Tadawul Review:

Tadawul All Share Index (TASI) snapped its four-day losing streak to record gains of 80 points (+0.7%) and close at 12,297 levels. The market remained volatile throughout the day trading in a range of 98 points with the closing auction adding 38 points. Overall, 14 of 20 sectors closed higher while 103 stocks rose and 100 fell. The index gains were led by Banks (+1.1%), Materials (0.7%), and Retailing (+1.9%) while Real Estate (-0.8%) and Consumer Services (-1.8%) were the major drags on the index. Stock-wise, Saud National Bank (+1.8%) led the charge followed by Riyad Bank (3.0%), and Saudi Fransi (+2.5%). Saudi Industrial Export and Naseej Intl. were the top gainers for the day closing up by +10.0% and +8.1% respectively. Trading activity improved with value and volume traded rising by 6.2% and 8.0% to 157mn shares and SAR6.3bn.

 

Market Wrap International:

The global equity markets shrugged off negativity from the previous session and moved higher on Monday. However, the indices in the US managed to pare gains ahead of US CPI data on Wednesday while Nvidia’s revenue miss pulled down the tech shares as well, The market rose initially as the passage of the USD430bn climate change, tax, and drug pricing bill in the US Senate also supported the index. The S&P 500 Index settled at -0.1% with gains in energy and real estate overwhelmed by losses in the IT sector.

In Europe, the benchmark Stoxx 600 Index rose +0.7% with real estate, tech, and utilities helping the index recover some of the lost ground in the previous session. The political crisis and change in rating outlook in Italy announced last week failed to keep a lid on the broader market move though indices in Italy came under pressure.

In Asia, the overhang from the previous session in the U.S and Europe dragged the indices down. The new lockdown measures in China also added to selling pressure. However, a slew of corporate acquisition announcements and strong trade data in China kept losses in check. The major indices in the region dropped by 0.1-0.8% with many benchmarks largely closing unchanged.