Reports

2022-11-15

Daily Market Monitor 15-11-2022

Tadawul Review:

Tadawul All-Share Index (TASI) declined on Monday by -49 points (-0.4%) to close at 11,197 levels, the lowest close since September 29, 2022 (33 trading days). TASI began the session on a muted note (-13 points), but quickly came under selling pressure and hit an intraday low in the first hour of trading at 154 points from the previous close. After that, TASI started to recover and compensated its losses to record its intraday high level, trimming all losses (0 points). However, TASI could not hold its ground for long and retreated to close lower. In general, 13 of the 20 sectors closed in the red zone, while the advance to decline ratio was at 1:1. Energy (-1.8%), Banks (-0.3%), and Materials (-0.4%) sectors contributed the most to the decline in the index by a total of 36 points. Among stocks, Aramco (-1.9%), Saudi National Bank (-3%), and Maaden (-1.9%) pulled the index down the most. The volume of trading activity witnessed an increase of 16% to reach 139mn shares, while the trading value declined by 15% to reach SAR5.7bn. TASI is consolidating above its key support area around 11k mark. The index may show more sideways moves before finding a definite direction.

 

 

Market Wrap International:

The global equity indices exhibited mixed trends on Monday following a strong two-day rally last week. The Fed Speak, the U.S-China relationship and China recent measures for property sectors emerged as key drivers for the global indices. In the U.S, the benchmark indices fluctuated around the previous close with the latest statements from the Fed officials and the latest survey on inflation expectation showing a rising trend diluting the market’s exuberance on the below-expected CPI print last week. The treasury yields climbed back by 6-7bps across tenures. At session close, the S&P 500 and Nasdaq Composite Index declined by ‏0.9‏% and ‏1.1‏% respectively. The calendar for economic data release is relatively heavy this week with major skew towards retails sales, PPI and housing market.

In Europe, the benchmark Stoxx Euro 600 Index eked out a small gain of 0.1% , paring intraday gains of 0.8% at session close.  The investor took a cue from data release in the U.S, newsflow over the economic plans of the new government in the U.K and expectations regarding important data release due later this week. Country level indices gave relatively stronger performances on Monday with DAX (+0.6%), FTSE-‎‎100 (0.9%) and CAC40 (+0.2%) closing higher.

The major Asian equity indices moved in divergent trends. The relaxation measures announced by Chinese authorities for the property sectors helped HangSeng (+1.7%) in Hong Kong sustain its positive momentum though the benchmark index in mainland China, Shanghai Composite (-0.1%) remained muted. TAIEX (+1.2%) in Taiwan was another major gainer in the region, primarily due to easing geopolitical tensions between the US and China. Indices in Japan (TOPIX: -1.1%), South Korea (KOSPI: -0.3%) and India (SENSEX: -0.‏3‏%) closed in red.

Daily Market Monitor 15-11-2022