Tadawul Review:

Tadawul All Share Index (TASI) declined for the fourth ‎consecutive day, losing 126 points (-1.1%) to close at 11,446 ‎levels, marking the lowest closing since July 17, 2022. The ‎volatility in oil prices was the major reason for the decline in the index. TASI struggled to change its course in the initial trading ‎session but soon succumbed to selling pressure to mark an ‎intraday low of -198-point. The index managed to make ‎partial recovery towards the session end. In general, the ‎decline was broad-based as 18 of the 20 sectors closed in the ‎red zone. Out of 212 stocks, only 51 closed with a positive ‎closing price. The decline was led by the Banks, which ‎was the largest contributor (-1.9%) with a total of -82 points, ‎followed by the Energy (-0.7%) and Real Estate (-1.7%) ‎sectors. Index heavyweights, namely Saudi National Bank (-‎‎2.5%), Al-Rajhi Bank (-1.3%) and Banque Saudi Fransi (-5.7%), ‎pulled the index down the most. Trading activity also ‎witnessed a decline in the volume and value of trading for the ‎second day by -9% and -5%, respectively, to reach 125mn ‎shares SAR4.8bn. Risk of further downside in TASI appears ‎increasingly limited with the trading 7% below its 200DMA. ‎That said, investors may decide to stay cautious ahead of an ‎important policy decision by the Fed on Wednesday.‎

 

 

Market Wrap International:

The global equity indices went through yet another volatile ‎session on Monday with Fed rate hike, concerns on recession ‎and FX pressure in the EM making headlines. In the U.S, the ‎treasury yields once again jumped across the tenures ahead of ‎the keenly awaited Fed policy decision on Wednesday. The ‎benchmark equity indices stayed negative for most of the ‎session before paring losses and closing with modest gains. The ‎S&P 500 and Nasdaq Composite gained ‎‏0.7‏‎% and ‎‏0.8‏‎% at the ‎session close‏.‏

In Europe, the benchmark Stoxx Euro 600 Index exhibited a ‎similar trading move with the index trading in red territory ‎‎(intraday low of -0.6%) before paring losses and closed with ‎little change. The latest warning from Germany’s central bank, ‎Bundesbank, also added to pressure. The U.K market was ‎closed for trading on Monday.‎

In Asia, markets were under pressure for the fifth straight ‎session with concerns on both global growth and domestic ‎currency driving the prices low. HangSeng Index (-1%) in ‎Hong Kong and KOSPI (-1.1%) in Korea were the major ‎laggards. India’s SENSEX Index managed to buckle the overall ‎regional trade and rose by ‎‏0.5‏‎% at session’s close.‎