Tadawul Review:

Tadawul All-Share Index (TASI) declined on Tuesday for the ‎seventh day in a row by -86 points (-0.8%) to close at 10,470, ‎which is the lowest closing level YTD. TASI opened the ‎session positively but was soon exposed to selling pressure ‎and declined for the rest of the session, closing just two ‎points above its intraday low. Overall, 15 out of 20 sectors ‎closed in the red zone, while 67 stocks rose and 144 fell. ‎Banks (-1.7%), Materials (-0.4%), and Food and beverages (-‎‎1.3%) sectors were the major drags on the index and ‎contributed a total of -75 points. Stocks-wise, Al Rajhi Bank ‎‎(-1.6%), Saudi National Bank (-1.8%), and Riyad Bank (-3%) ‎pulled the index down the most. The trading activity also ‎witnessed a decline in the volume and value of trading by 6% ‎and 16%, respectively, to reach 165mn shares and SAR3.8bn‏.‏‎ ‎TASI is likely to make an attempt to reverse its course with ‎recovery in oil prices and recent correction. ‎

 

 

 

Market Wrap International:

The global equity markets were broadly indecisive on Tuesday ‎amid confusion around the policy rate and not-so-eventful ‎result season so far. The treasury yields eased slightly following ‎two days of upward adjustment while commodity price also ‎recovered. In the U.S, the first public comments by Fed ‎Chairman post last Friday’s surprised labor market report was ‎seen relatively dovish in the backdrop of comments made by ‎other Fed officials. The S&P 500 and Nasdaq Composite ‎Changed direction following FedSpeak and pared intraday ‎losses to close with ‎‏1.3‏‎% and ‎‏1.9‏‎% gains.‎

In Europe, the benchmark Stoxx Europe 600 Index oscillated ‎around its previous close for most of the session and managed ‎to close with a minor gain of 0.2%. The recent performance of ‎the key indices and investors unease over the recent move in ‎the treasury yields in the U.S have made investors more ‎cautious. Energy and mining names were the key performer ‎with BP and BNP Paribas announcing spectacular results ‎and/or buyback plans. The country-level indices moved in ‎divergent direction with FTSE-100 receiving support from ‎energy names.‎

 

In Asia, major indices moved higher with concerns on ‎geopolitical tension between the U.S and China and interest ‎rate in the U.S easing as focus shifted to result seasons and ‎currency movement. Tech names were the key drivers across ‎markets as Baidu announced its plans to introduce its high-‎powered AI platform to compete with ChatGPT.  The major ‎indices were up in the range of 0.‎‏2‏‎-0.6% barring SENSEX in ‎India which fell by 0.‎‏4‏‎%. Adani Group shares recovered from ‎the lows after the group prepaid some debt.‎