Tadawul Review:

Tadawul All-Share Index (TASI) ended Tuesday's session with ‎little change, up +4 points to close at 10,468 levels. TASI had ‎started the session positively, up +23 points from the ‎previous close, and it continued to rise during the first hour of ‎trading until it reached its intraday high at +68 points, but ‎then it retreated to reduce all its profits and reach its ‎intraday low at -48 points. The index made a recovery at the ‎end of the last hour of trading and closed in the green zone. ‎In general, 15 sectors out of 20 closed in the green zone, ‎while 147 stocks rose and 60 fell. Materials (+0.6%), Energy ‎‎(+0.6%), and Health care (+1.4%) sectors led the index gains, ‎while Banks (-1%), Telecom (-0.1%), and Commercial & ‎Professional Svc (-0.6%) were the major drags on the index. ‎Among stocks, Aramco (+0.6%), Sipchem (+3.9%), and ‎Americana (+4.5%) contributed most to the rise of the index. ‎The trading volume activity increased by 0.3% DoD to reach ‎‎232mn shares, while the trading value decreased by 17% DoD ‎to reach SAR5.7bn. The index is likely to remain range bound ‎in near-term

 

 

 

Market Wrap International:

The global equity markets moved in a narrow range amid uptick in treasury yields and lingering concerns on ‎financial names. The investors’ views are largely dividend on the path of interest rate beyond an expected ‎‎25bps hike per the latest Fed’s dot plot. Meanwhile, recession concerns have started to gain more traction. ‎In the U.S, the S&P 500 and Nasdaq Composite indices moved down by marginal ‎‏0.2‏‎% and ‎‏0.4‏‎%. ‎‏5 ‏out of ‎eleven sectors in the S&P 500 Index moved higher.‎

In Europe, the Stoxx Europe 600 Index gave up early gains to close with little change. The latest newsflow ‎related to a tax and money laundering probe in France renewed investors’ concerns on financial names in ‎the region.‎

Asia moved higher with easing investors' concerns on financial names. The major indices were up 0.3-1.1% ‎barring Sensex in India and Shanghai Composite in China which marginally dropped by 0.1% and 0.2% ‎respectively. The market report of possible break up of Ali Baba into six separate companies and ‎subsequent IPOs drew a positive reaction in the market. ‎‎