Tadawul Review: 

Tadawul All Share Index (TASI) rose for the 8th consecutive day on Tuesday, rising by 86 points (+0.7%) ‎to close at the 12,123 level. TASI opened the session positively‏ ‏by +13 points then continued to rise ‎gradually until the end of the session. Overall, 17 out of 20 sectors closed in the green zone, while 137 ‎shares rose and 79 fell. Banks (+1.1%), Food and beverages (+4.5%), and Insurance (+2.8%) sectors ‎contributed the most to the index rise. As for stocks, Saudi National Bank (+4%), Riyadh Bank (+4%), ‎and Almarai (+5.6%) were the major contributors. The trading activity witnessed a rise in volume and ‎value by +47% and +53%, respectively, to reach 367mn shares and SAR9.9bn in value traded.‎

 

 

Market Wrap International:

In the U.S., the S&P 500 finished its first day of trading in 2024 down by -0.6%, witnessing 5 out of 11 sectors falling. ‎Similarly, The Nasdaq Composite saw a 1.6% decline as market ‎participants anticipate a total of 150 basis points of easing throughout the year, with the first 25 basis-‎point rate cut almost fully priced in for March. Further, oil prices surged on Tuesday due to escalating ‎tensions in the Red Sea.‎

European stock markets opened higher on Tuesday as traders bet on central banks cutting rates in ‎‎2024. Oil prices also experienced a rise in prices as a result of the recent naval clash in the Red Sea. The ‎Stoxx Europe 600 ended down by -0.1% and the FTSE 100 index was negative by -0.2% as ‎Eurozone inflation figures due later this week will provide clues about monetary policy.‎

Chinese stocks recorded their worst start to a year since 2019, as investor sentiment took a hit after ‎‎reports on ‎Sunday showed China’s factory activity shrank in December to the lowest level in six ‎‎months. Additionally, an accelerated ‎slide in domestic home sales added more fuel to concerns about ‎the economic outlook. The Hang Seng index ‎ended negatively ‎by -1.5% and the Shanghai Composite ‎index also saw a decline of -0.4%. Markets ‎in Japan were closed in Tuesday.‎