Reports

2023-06-11

Daily Market Monitor 11-06-2023

Tadawul Review: 

Tadawul All Share Index (TASI) rose on Thursday’s session for ‎the sixth day by 24 points (+0.2%) to close at 11,397 levels. ‎TASI opened the session positively with a 6 point gain, then ‎TASI faced a period of fluctuation during the session before it ‎jumped to its intraday high in the closing auction. In general, ‎‎15 out of 20 sectors closed in the green zone, while 114 of ‎‎223 shares rose and 93 fell. Banks (+0.3%), Materials (+0.2%), ‎and Food and beverages (+0.7%) sectors contributed the ‎most to the index's rise by 17 points. Stockwise, Al Rajhi ‎Bank (+0.4%), Saudi Fransi (+2.0%), and Saudi Telecom ‎‎(+0.7%) were the major contributors. The trading activity ‎witnessed an increase in volume and value of 4.2% and 3.2%, ‎respectively, to reach 188 shares and SAR7.1bn in value ‎traded.‎

 

 

Market Wrap International:

The global equity indices moved in divergent directions on ‎Friday ahead of important economic data points and the ‎monetary policy decision. Investors seem to have completely ‎digested the view of possible legs in the rate hike cycle by the ‎Fed. The sovereign yields in the U.S rose by 4.5-4.2bps while ‎commodity prices softened on China growth concerns. In the ‎U.S, the benchmark S&P500 Index was quite muted a day ‎after the gauge surged to technical bull territory from its Oct ‎low. Investors are waiting for the CPI data due next.‎

In Europe, the growing concerns of recession in the region ‎weighed  on the investors sentiments and pushed the key ‎indices down. The Stoxx Europe 600 Index lost ‎‏0.1‏‎% on Friday ‎while county level indices moved down by ‎‏0.5‏‎-‎‏0.1‏‎%.‎

In Asia, the key indices generally moved higher on tech rally. ‎The CPI data in China carried a positive surprise with inflation ‎in the county stopping close to zero , reflecting the room for ‎possible cut in rates. In Japan, investors are looking forward to ‎the BoJ meeting next week. Japan (Topix:+1.‎‏5‏‎%) and Korea ‎‎(KOSPI:1.2%) were the key performers while indices recorded ‎daily loss. ‎

Daily Market Monitor 11-06-2023