Tadawul Review: 

Tadawul All Share Index (TASI) rose on Sunday, up by +21 points (+0.2%) to close at 12,373 levels. The trading session began on a positive note, with a 35-point increase in the opening. The market experienced a significant surge during the first trading hour; however, it later retraced some of its gains. In general, 11 out of 21 sectors closed in the green zone, and 92 shares rose while 129 fell. Banks (+0.9%), Energy (+0.2%), and Retailing (+0.5%) sectors contributed the most to the index rise. Stockwise, Al Rajhi Bank (+1.5%), SNB (+1.5%), and Bank AlBilad (+2.8%) were the major contributors. The trading activity witnessed a decline in volume and value of -17% and -20%, respectively, to reach 211mn shares and SAR5.3bn in value traded.

 

 

 

Market Wrap International:

In the U.S, recent data on inflation and the labor market has raised concerns that the Federal Reserve may need to maintain higher interest rates for a longer period than initially expected, or potentially raise rates once again. However, despite these concerns, the markets performed exceptionally well, with Apple shares surging on Friday due to a record buyback program and earnings coming in above expectations.

In Europe, investors were actively navigating the earnings season while anticipating the European Central Bank's upcoming interest rate decision on Thursday, which is expected to remain unchanged. Investor sentiment was positively influenced as 58% of the companies reporting earnings in the STOXX 600 index exceeded expectations.

In Asia, China resumes trading on Monday, while the Korean and Japanese markets remain closed. Hong Kong's stock markets have recovered since March due to governmental economic support measures. Sentiment towards China has improved, aided by market stabilization measures and a slight easing in U.S.-China tensions.