Reports

2023-01-16

Daily Market Monitor 16-01-2023

Tadawul Review:

Tadawul All-Share Index (TASI) ended Sunday session down ‎by -17 points (-0.2%) amid intraday volatility. TASI opened ‎the session positively, up by 19 points and rose to its intraday ‎high of +‎‏64‏point. However, the index pared its gain towards ‎the closing hours of trading. In general, 10 out of 20 sectors ‎closed in the red zone, while 75 stocks rose and 133 fell. ‎Banks (+0.03%), Telecom (+0.2%), and Food and Beverage ‎‎(+0.2%) sectors contributed to the stability of the index, ‎while Materials (-0.7%), Utilities (-0.6%), and Energy (-0.1%) ‎were a drag on the index. Among stocks, Saudi British Bank ‎‎(-1.5%), Maaden (-1.2%), and SABIC (-0.7%) pulled the index ‎down the most. The trading activity witnessed a decline in ‎the volume and value of trading by 24% and 32%, ‎respectively, to reach 142mn shares and SAR3.5bn. The index ‎is likely to move sideways in the near-term.‎‎ ‎

 

 

 

Market Wrap International:

The dec-end result season is likely to dominate the sentiment ‎of global equity markets for a better part of next week ‎besides some regional specific drivers. In the U.S, major ‎economic data release relates to retail sales, housing start and ‎Purchasing Power. Market will keenly track wholesale inflation ‎data (due on Thursday) for further reaffirmation of market ‎view of deceleration in inflationary pressure and possibility of ‎further step down in future rate hike by Fed.‎

In Europe, a host of countries and regional levels are due next ‎week. CPI data for the eurozone, Germany and manufacturing ‎data in key economies will be a major focus area. The drop in ‎commodity prices, in particular energy prices, has accelerated ‎normalization in inflation in the region. Following a positive ‎surprise in the U.K GDP data last week, investors will likely ‎pay a close attention to manufacturing data from other major ‎economies in the region. Besides, the Dec-end result season ‎will also pick up pace.‎

In Asia, two major economies -Japan and China will receive ‎major attention. In Japan, investors are bracing for another ‎possible step by the Bank of Japan to loosen the yield curve ‎control further. In China, investors anticipate fresh economic ‎support measures alongside possible trimming of benchmark ‎rate by the People’s Bank of China.‎‎ ‎

 

 

 

 

Daily Market Monitor 16-01-2023