Tadawul Review: 

Tadawul All Share Index (TASI) ended Tuesday's session ‎negatively for the second day in a row by -67 points (-0.6%) ‎to close at 11,219 levels. TASI had opened the session ‎negatively, down by 2 points from the previous close. The ‎index initially rose in the first trading hour to reach its ‎intraday high of +17 points before it started to decline until ‎the end of the session. In general, 13 out of 20 sectors closed ‎in the red zone, while 132 stocks fell and 79 rose. Banks (-‎‎0.4%), Materials (-1.0%), and Energy (-1.6%) sectors ‎contributed the most to the index's fall of -47 points. ‎Stockwise, Aramco (-1.7%), Al Rajhi Bank (-1.2%), and ‎Maaden (-1.6%) contributed most to the fall of the index. ‎The trading activity witnessed a decline in volume and value ‎of -6% and -5%, respectively, to reach 191mn shares and ‎SAR5.5bn in value traded.‎

 

 

 

Market Wrap International:

The global equity indices were under pressure on Tuesday as confluence of latest economic data in the U.S and China, the expected rate hike decisions by the Fed and ECB this week, fanned investors’ concerns on global recession. The impact of economic data was visible across asset classes with the drop in commodity prices oil: 5% the fall in yields on the U.S treasuries (14-15bps) and the dollar index.  The latest Job Opening and Labor Turnover Survey (JOLT) showed job openings fell above expected in Mar. Meanwhile, financial names in the U.S, particularly mid-sized banks, were hammered post forced acquisition of First Republican Bank by JP Morgan Bank. The S&P 500 and Nasdaq Composite fell -1.2% and -1.1% respectively. Besides financials, energy and tech stocks were the biggest laggards across the spectrum.

In Europe, the benchmark Stoxx Europe 600 Index was down 1.2%, dragged by energy and real estate subs sectors. The country level indices followed and dropped by 1.2-1.4%. The investors in Europe were spooked by the volatility in the US market and economic data.

In Asia, major indices moved sideways ahead of announcements from the Fed and ECB. Key Indices in Hong Kong (Hang Seng: +0.2%), Japan (Nikkei 225: +0.1%) were little changed. Markets in China were closed for trading on Tuesday.  KOSPI (+0.9%), and TAIEX (0.4%) were the major gainers in the region. The below expected manufacturing data in China and the surprise hike in interest rate by the central bank in Australia dragged investors sentiment.

 

 

Tadawul All Share Index (TASI) ended Tuesday's session negatively for the second day in a row by -67 points (-0.6%) to close at 11,219 levels. TASI had opened the session negatively, down by 2 points from the previous close. The index initially rose in the first trading hour to reach its intraday high of +17 points before it gave up its gain and trended down. In general, 13 out of 20 sectors closed in the red zone, while 132 stocks fell and 79 rose. Banks (-0.4%), Materials (-1.0%), and Energy (-1.6%) sectors contributed the most to the index's fall of -47 points. Stock wise, Aramco (-1.7%), Al Rajhi Bank (-1.2%), and Maaden (-1.6%) contributed most to the fall of the index. The trading activity witnessed a decline in volume and value of -6% and -5%, respectively, to reach 191mn shares and SAR5.5bn in value traded. Volatility in international markets and the drop in commodity prices are likely to drag TASI performance in near-term.‎