Reports

2023-07-03

Daily Market Monitor 3-07-2023

Tadawul Review:

Tadawul All Share Index (TASI) closed on a positive note on the ‎first day of trading after the Eid Al-Adha holiday on Sunday’s ‎session by 35 points (0.3%) to close at 11,494 levels,TASI monthly ‎gains on june is 445 points (MoM: 4.0 %, YTD: +9.4%). TASI initially ‎rose in the first trading hour, but then the index  started to decline ‎gradually until the end of the session. In general, 14 out of 20 ‎sectors closed in the green zone, while 142 stocks rose and 57 fell. ‎Materials (+0.9%), Food and beverages (+2.2%), and Telecom ‎‎(+0.7%) sectors contributed the most to the index's 28-point rise. ‎Stockwise, Almarai (+4.1%), Sipchem (+3.5%), and Saudi Telecom ‎‎(+1.2%) were the major contributors. Trading activity witnessed a ‎decrease in volume and value of -25% and -28%, respectively, to ‎reach 181mn shares and SAR4.6bn.‎

 

 

Market Wrap International:

The global equity markets will likely have relatively muted trading ‎sessions in near-term. The economic data release and comments ‎from central banks’ officials will continue to grab investors’ ‎attention before the start of June-end result season. In the U.S, the ‎number of sessions will be cut short by a national day celebration ‎on 4th July. Overall, investors will keep guessing the next move by ‎the central bank in its upcoming policy decision in late July. To this ‎end, the upcoming release of the minutes of the last meeting in ‎which the Fed decided to pause the rate hike cycle has assumed ‎more importance. The economic data release in the U.S is ‎concentrated in the labor market and ISM which may substantiate ‎the market's view of soft landing in the U.S economy.‎

In Europe, the economic data will once again point out the ‎economic slow-down in the region. The two biggest economies in ‎the EU, Germany and France, face clear headwinds in the form of ‎soft economic data and more recent widespread protests in many ‎parts of France.‎

In Asia, a slew of economic data on PMI, inflation and policy ‎decisions are due next week. ISM data in China will likely come in ‎soft and may highlight the need for fresh economic stimulus. In ‎Japan, the increasing rates in the U.S , coupled with persistent ‎inflation trend, is raising pressure on the Bank of Japan to make ‎changes to its existing ultra-soft monetary policy stance.‎

Daily Market Monitor 3-07-2023