Tadawul Review: 

Tadawul All Share Index (TASI) rose on Monday, up by +43 points (+0.3%) to close at 12,260 levels. TASI initially started with a -9 point loss, then continued to rise gradually to close at its intraday high. In general, 7 out of 21 sectors closed in the green zone, and 85 shares rose while 134 fell. Utilities (+4.4%), Banks (+0.5%), and Materials (+0.5%) sectors contributed the most to the index rise. Stockwise, ACWA Power (+5.7%), Saudi Awwal Bank (+1.5%), and Bank AlBilad (+2.0%) were the major contributors. The trading activity witnessed an increase in volume and value of 17% and 31%, respectively, to reach 270mn shares and SAR7.0bn in value traded.

 

 

Market Wrap International:

In the U,S, market witnessed a mix performance, with the S&P 500 remaining unchanged while the Nasdaq composite surging by 0.3%. Investors eagerly anticipated crucial data scheduled for later in the week, which could provide insights into the future of interest rates in both the United States and Europe.

In Europe the Euro Stoxx 600 index remained unchanged as investors enthusiastically returned to European bank stocks following a surprisingly positive earnings season. This surge propelled bank shares to multi-year highs. However, the rebound has also attracted short sellers who are skeptical about the sustainability of the optimism. Additionally, the FTSE 100 index rose by -0.2%.

In Asia, as the week began, inflation data from China, the United States, and the eurozone took center stage in shaping global markets. The Hang Seng rose by 0.8% while SHCOMP indexes fell -0.2%.  Japan's TOPIX and NIKKEI 225 indices fell by (-0.2% and -0.1 % respectively).