Reports

2023-11-07

Daily Market Monitor 7-11-2023

Tadawul Review:

Tadawul All Share Index (TASI) slightly advanced on ‎Monday’s session, up by +10 points (+0.1%) to close at ‎‎10,949 levels. TASI opened on a negative note with -17 ‎points and continued fluctuating throughout the session until ‎the end. Overall, 8 out of 20 sectors closed in the green zone, ‎while 74 shares rose and 144 fell. Banks (+0.7%), Energy ‎‎(+0.4%), and Health care equipment and services (+1.2%) ‎sectors contributed the most to the index rise. Stockwise, Al ‎Rajhi Bank (+0.6%), Maaden (+3.4%), and Riyad Bank ‎‎(+2.6%) were the major contributors. The trading activity ‎witnessed an increase in volume and value of +‎‏41‏‎% and ‎‎+‎‏27‏‎%, respectively, to reach 25‎‏5‏mn shares and SAR6.1bn in ‎value traded.‎

 

 

 

Market Wrap International: ‎

In the U.S., the stock markets rose on the first day of the ‎week, with the S&P 500 closing up by +0.2%, five of the eleven ‎listed sectors rising, and the Nasdaq Composite rising by +0.3% ‎after last week's impressive rally, as traders maintained their ‎optimism for potential interest rate cuts by US and European ‎central banks in the coming year.‎

In Europe, the Stoxx Europe 600 was down by -0.2% while the ‎FTSE-100 index was closed on Monday’s session as UK market ‎anxiety over fiscal policy persisted due to Fitch's downgrade of ‎the outlook for British government debt, resulting in a decline ‎in the value of sterling and an increase in UK government bond ‎yields.‎

In Asia, South Korea's decision to ban stock short-selling until ‎June 2024 led to a significant rally in equities (KOSPI) by 5.7%. ‎The Chinese indices were positive (Shanghai Composite: ‎‎+0.9%, Hang Seng: +1.7%), and the benchmarks in Japan also ‎showed a positive performance (Topix: +1.6%, Nikkei 225: ‎‎+2.4%). The other major indices in India (SENSEX) and ‎Taiwan (TWSE) closed up by +0.9.‎

 

 

 

Daily Market Monitor 7-11-2023