Reports

2023-01-17

Daily Market Monitor 17-01-2023

Tadawul Review:

Tadawul All-Share Index (TASI) remained unchanged on Monday as it added only two points to close at 10,728 levels. TASI opened the session negatively and traded within a range of 63 points as the session witnessed fluctuation in the performance of the index. TASI reached its intraday low in the first half of the trading hours, down by 45 points. However, TASI recovered in the second half of the trading hours to erase all its losses and reach its intraday high, up 18 points, before cutting some of its profits at the end of trading. In general, 10 out of 20 sectors closed in the green zone, as 79 shares rose and 124 fell. Banks (+0.3%), Insurance ‎‎(+1.3%), and Food and Beverages (+0.6%) led the index gains, while Materials (-0.3%), Energy (-0.3%), and Real Estate (-‎‎0.4%) were the major drags on the index. Among stocks, SABIC (+1.4%), Riyad Bank (+1.8%), and Alinma Bank ‎‎(+1.5%) contributed most to the rise of the index. The trading activity witnessed an increase in volume and value by ‎‎3% and 17%, respectively, to reach 146mn shares and SAR4. 1bn.TASI is likely to remain range bound in the near-term ahead of the start of Dec-end result season.

 

 

 

Market Wrap International:

The global equity indices moved in divergent directions on Monday amid low volumes due to closure of the U.S markets. In Europe, the benchmark Stoxx Europe 600 Index extended its rally into the third straight session and rose ‏0.5‏% on Monday. Inflation readings both in member countries and the regional benchmark along with production data took center stage. Real estate, health care and communication services were the three major drivers. Major country level indices too moved higher by 0.2-0.3%.

Indices in Asia, however, were mixed with China re-opening and future Bank of Japan’s move being the major focus areas. Main indices in mainland China jumped on Monday, with Shanghai Composite (+1%) and CSI 300 (1.6%) leading the way. With low valuation and under-ownership, equities in China remain favorite among foreign investors. Indices in Japan ‎‎(TOPIX: -0.9%, Nikkei: -1.1%) were under pressure due to fears of further tightening of monetary policy in the form of widening of the trading band for 10-year government bonds by the central bank. Indices in Korea and TAIEN edged higher while SENSEX in India turned lower. ‎‎

 

 

 

 

Daily Market Monitor 17-01-2023