Reports

2022-11-27

Daily Market Monitor 27-11-2022

Tadawul Review:

Tadawul All-Share Index (TASI) underwent yet another volatile session but managed to pared most of intraday losses to close with minor losses of 27 points (-0.2%) on Thursday’s session to settle at 10,939 levels. The index opened below its previous day's close and continued its downward trajectory in the first hour of the session to reach its intraday low of -166 points, amid the decline in Brent oil prices. The index retested its support just below 11k mark and recovered 139 points before close. In general, 15 sectors out of 20 closed in the red zone, while 46 shares rose and 154 fell. Materials (-‎‎0.6%), Energy (-0.6%), and Real Estate (-1.2%) sectors were the major drags on the index and contributed a total of -18 points. Stocks-wise, Aramco (-0.6%), Alinma Bank (-2.5%), and Sulaiman Al Habib (-4.7%) pulled the index down the most. The trading activity witnessed a remarkable improvement in volume and value by 79% and 89%, respectively, to reach 144mn shares and SAR6.2bn. The index is likely to continue wobbling around 11K mark in near-term.

 

 

Market Wrap International:

The global equity indices broadly moved sideways on Friday post a Thanksgiving holiday on Friday. The investors kept an eye on updates on COVID-19 in China, the upcoming Black Friday sales and the progress on discussion among EU members on introduction of a price cap on Russian crude oil exports. The treasury yields ticked down on Friday in a shortened trading session while the dollar index remained largely stable. Commodity prices closed lower amid soft demand outlook. In the U.S, the benchmark S&P 500 was broadly unchanged (-0.03%) while Nasdaq Composite Index recorded modest losses of 0.5%. In a shortened trading session, there were not many economic and market updates. Four out of eleven industrial sectors on the S & P 500 closed lower led by media services.

In Europe, the Stoxx Euro 600 Index declined by 0.‏03‏% with energy stocks in the lead while real estate and retail being the major drags. Major country-level indices in the region too recorded gains on Friday.

In Asia, investors remained cautious amid fresh concerns on COVID-19 in China. The major indices in the region (TOPIC, KOSPI, TAIEX, SENSEX, Shanghai Composite, barring Hang Seng (-0.5%) closed with little change. Volumes in major markets were thin given lack of interest post-Thanksgiving holiday.

 

Daily Market Monitor 27-11-2022