Reports

2022-10-13

Daily Market Monitor 13-10-2022

Tadawul Review:

Tadawul All Share Index (TASI) snapped its fifth-day losing ‎streak to record gains of 37 points (+0.3%) and closed at the ‎level of 11,551. Wednesday’s trading session witnessed ‎volatility, as the TASI index opened positively and maintained ‎its gains during the first hour, but then gave in to selling ‎pressure and declined by 30 points. However, the index quickly ‎regained its positive momentum to achieve the intraday high, ‎‎+88 points from the intraday low, before it pared its gains in the ‎last hour of trading before the closing auction. In the closing ‎auction, the index recorded an increase and rose by an ‎additional 17 points, increasing. In general, 12 out of 20 sectors ‎closed in the green zone, while the advance to decline ratio ‎came in at 1:1.2. The index gains were led by the Banks sector ‎‎(+0.4%), followed by the Materials  (+0.5%), and the Real Estate ‎‎(+1.3%) sectors. Amongst stocks, Saudi National Bank (+1.8%) ‎and Al Rajhi Bank (+0.5%) were the major contributors to the ‎index's rise. Trading activity witnessed an increase in the ‎volume and value of trading by 16% and 11%, respectively, to ‎reach 144mn shares and SAR4.9bn. The index is likely to ‎remain choppy ahead of much-anticipated data on CPI in the ‎U.S (due on Friday).‎

 

 

Market Wrap International:

The global equity indices were directionless on Wednesday ahead ‎of much-anticipated CPI data in the U.S. In the U.S, the benchmark ‎indices moved in a narrow range for most of the session. Bond ‎yields remained steady and traded close to recent high. The S&P 500 ‎and Nasdaq Composite closed with loss of -0.3% and -0.1%. The ‎latest inflation data, PPI, came in hotter than expected and built a ‎case of hawkish Fed stance for the upcoming policy decision.‎

In Europe, latest macro developments in the U.K were in the sharp ‎focus. The latest monthly GDP data for Aug-22 showed an ‎unexpected drop in output, marking the second such consecutive ‎reading. The bond yields in the U.K further increased while ‎confusion prevailed over the central bank’s plans on buying back ‎bonds. The Stoxx Euro 600 Index fell for the sixth straight session ‎losing -0.5% for the day. FTSE -100 index dropped by -0.9%.‎

In Asia, markets were encouraged by latest economic data in China ‎which showed better than expected financing and loans. The ‎Shanghai Composite Index in China rose 1.5% though Hang Seng in ‎Hong Kong recorded a 0.8% drop. Benchmark indices in Korea and ‎India recorded modest gains while those of Japan and Taiwan were ‎broadly little changed.‎

Daily Market Monitor 13-10-2022