Tadawul Review:

Tadawul All Share Index (TASI) rose on Thursday, gaining 160 points (+1.3%) to close at the 12,080 level. The index opened higher, then started to decline during the first hour before gradually rising again until the close. In general, 15 out of 21 sectors closed in the green zone, and 152 shares rose while 73 fell. Banks (+1.6%), Telecommunications (+2.0%), and Materials‎‎ (+0.8%) sectors contributed the most to the index rise. Stockwise, Al Rajhi Bank (+2.0%), Aramco (+1.1%), and Saudi National Bank (+1.9%) were the major contributors. The trading activity witnessed a decrease in volume by -1% to reach 312mn while the value increased by 67% to reach SAR5.6bn value traded.

 

 

 

Market Wrap International: 

U.S. stocks lost momentum as the initial excitement from the Federal Reserve's half-point interest rate cut faded. The day was marked by the expiration of derivatives contracts and significant rebalancing, contributing to Friday's fluctuations. The S&P 500 dipped -0.2%, the Nasdaq Composite fell by -0.4%. In contrast, the Dow Jones Industrial Average managed a slight gain of 0.1%.

European markets also faced challenges, with investors grappling with the ramifications of recent policy shifts from the U.S. Federal Reserve. The DAX in Germany dropped -1.5%, the FTSE 100 in the UK decreased by -1.2%, and France's CAC 40 fell by -1.5%.

 

In Asia, however, optimism reigned supreme as markets rallied in response to the Fed's bold rate cut. The Hang Seng Index surged 1.4%, the NIKKEI 225 rose 1.5%, and the KOSPI increased by 0.5%.