Tadawul Review:

Tadawul All Share Index (TASI) closed 134 points (-1%) lower at 13,534 levels, ending the last session of the week in the red zone. Most of the sectors ended in the negative with just a few closing in gains. The Energy sector lost -0.9% as SAUDI ARAMCO fell by -0.9%. MAADEN, SIIG, and SAUDI KAYAN recorded losses of around -3%, causing the whole Materials sector to decline by -1.4%. The Insurance sector receded by 1.5% as most of the firms within the sector ended Thursday's session on a negative note. SHL continued to rise (+3.3%) amid trading of 27 million shares, while banking stocks incurred losses pulling down the whole sector by around -0.9%. The Media & Entertainment sector was the top loser of the market, as they dipped by -3.3%. Trading volumes and values declined by -0.5% and -10.7%, respectively.

Market Wrap International:

Fears of a more aggressive Federal Reserve prompted widespread selling on Friday, bringing U.S. stocks to their lowest levels in more than a month. Solid profit reports earlier in the week were overshadowed by rising rates and aggressive Fed comments, sending all major markets negative for the week. The S&P 500 Index fell -2.8%, its lowest level since March 7. All 11 major industrial groupings decreased, with the materials and health care sectors leading the way. Only 15 index members ended the day with a gain. The Nasdaq 100 Index, which is heavily weighted in technology, plummeted -2.7%, while the blue-chip Dow Jones Industrial Average fell -2.8%, its biggest drop since October 28, 2020.

On Friday, European markets dipped for the first time since early March, owing to a slew of disappointing earnings announcements and concerns about a more hawkish Federal Reserve outlook. In its weakest week since March 4, the Stoxx 600 Index fell -1.8%. The retail, mining, and travel and leisure industries all performed poorly. European stock market investors are also anticipating the second round of voting in the French presidential election, which will pit Emmanuel Macron against nationalist Marine Le Pen on Sunday.

Asian stock markets mostly slipped on Friday as investors remained cautious post the comments made by the U.S. Fed and the Chinese central bank. The U.S. Federal Reserve Chairman remarked that the bank is bound to increase rates to curb inflation. In China, the Shanghai composite went up by +0.2% after the central bank governor stated that it will maintain a prudent monetary policy and increase support for the country’s economy. The Hang Seng index, however, closed in the red zone by -0.2%. Nikkei 225 was the top loser out of the region’s major markets, as it declined by -1.6%. KOSPI and SENSEX also recorded losses of -0.9% and -1.2%, respectively.