Tadawul Review:

Tadawul All Share Index (TASI) rose for the second day on Wednesday, up by +92 points (+0.7%) to close at 12,562 levels. TASI started the session positively, opening with a gain of +4 points. It then surged by 86 points in the first trading hour and maintained stability for the remainder of the session. In general, 15 sectors closed in the green zone, and 165 shares rose while 51 fell. Banks (+1.0%), Materials (+1.0%), and Insurance (+3.2%) sectors contributed the most to the index rise. Stockwise, Al Rajhi Bank (+0.6%), Alinma Bank (+2.0%), and Maaden (+2.6%) were the major contributors to the index’s rise. The trading activity witnessed a decline in volume by -11% to reach 344 million shares while the value increased by +3% to reach SAR9.2 billion in value traded.

 

 

 

Market Wrap International:

In the U.S., the S&P 500 recorded an increase by +0.5% for the day, with 9 out of 11 sectors showing gains. The Utilities sector had a significant impact, driving the market up by 1% following the comments from Federal Reserve Chair Jerome Powell, expectations have been reinforced regarding a potential cut in the interest rate by the U.S. central bank this year. However, the Nasdaq composite closed up by +0.6%.

In Europe, the Stoxx Europe 600 index saw an increase by +0.4% on Wednesday ahead of ECB interest rate decision will be on Thursday, and the FTSE 100 rose by +0.4% as the British housing sector showed signs of recovery with increased demand for housing projects.

In Asia, the Hang Seng rose by +1.7% while the Shanghai Composite Index decline by -0.3% as Chinese funds pour into offshore assets, surpassing outbound investment limits, Beijing's efforts to revive domestic markets are complicated, revealing low confidence in the local market. In Japan, the Nikkei 225 slightly fell by -0.02% while the TOPIX index rose by 0.4% amid reports of potential rate adjustments by the Bank of Japan in the upcoming March meeting.