Reports

2023-02-28

Daily Market Monitor 28-02-2023

Tadawul Review:

Tadawul All-Share Index (TASI) ended the session down for ‎the seventh day in a row, falling -57 points (-0.6%) ‎and closing at 9,995 levels, its lowest level since December ‎‎12, 2022 (55 trading days). Thus, TASI broke the 10K levels ‎for the first time since April 18, 2021. TASI started Monday's ‎session at the same level as the previous closing, with a slight ‎increase of 1 point, but it soon fell, breaking the 10K barrier ‎In general, 10 out of 20 sectors closed in the red zone, while ‎‎146 stocks rose and 66 fell. Banks (-0.8%), Energy (-1.2%), ‎and Food and Beverage (-1.6%) sectors were the major drags ‎on the index and contributed a total of -43 points. Stocks-‎wise, Al Rajhi Bank (-1.6%), Aramco (-1.3%), and ACWA ‎Power (-4.2%) pulled the index down the most. The trading ‎activity witnessed an increase in volume and value by 52% ‎and 59%, respectively, to reach 161mn shares and SAR4.4bn. ‎The index may look to change its course with multiple ‎technical indicators dropping to levels which had triggered ‎index recovery in the past.‎

 

 

 

Market Wrap International:

The global equity indices moved in divergent directions on ‎Monday driven by the release of economic data, politics and ‎expected policy actions. The treasury yields in the U.S ‎retreated by 2-4bps though the spread between 10-2 years ‎bonds, a widely followed benchmark, remained unchanged. In ‎the U.S, the benchmark S&P 500 moved higher by +0.3% on ‎dip buying as 7 out of 11 sectors in the index closed higher. ‎The tech-heavy Nasdaq Composite jumped +0.6%. ‎

In Europe, the Stoxx Europe 600 Index rose +1.1% at session ‎as investors looked to travel, leisure and retail names. The ‎country level indices also closed higher. The EU and U.K have ‎reached a settlement on Northern Ireland trade, ending a ‎major issue related to Brexit. ‎

 

In Asia major indices were down by 0.3-0.9% except for indices ‎in Japan which rose 0.2%. The Asian stocks digested the latest ‎inflation data released after the market close in the U.S and ‎the prospect of higher interest rates. In Japan, the nominee ‎for the governor of BoJ supported ultra-loose monetary policy. ‎Investors are focused on the upcoming meeting of National ‎People’s Congress in China due over the weekend for possible ‎new measures to spur economic growth.  ‎‎

 

 

 

 

Daily Market Monitor 28-02-2023