Tadawul Review:

Tadawul All Share Index (TASI) remained flattish on Tuesday, ‎decreasing by just 16 points (-0.1%) to close at the 11,514 level. ‎The index opened the session at 11,543, slightly higher than ‎the previous closing level (+12 points), and trading remained in ‎the range of 104 points throughout the day. Despite 10 sectors ‎closing marginally up, the TASI index slipped due to index ‎heavyweights, namely, the Banks (-0.9%), Materials (-0.2%), ‎and Retailing (-1.4%) sectors' closing down. Amongst the ‎stocks, the shares of Saudi National Bank (-2.5%), Al Rajhi Bank ‎‎(-0.7%), and STC (-0.9%) influenced the index the most. Middle ‎East Healthcare and Gulf Insurance Group were the top gainers ‎for the day, closing up by 9% and 7.4%. Trading activity also ‎witnessed a decrease in the volume and value of trading by -‎‎11% and -6%, respectively, to reach 124mn shares and ‎SAR4.4bn.‎

 

 

Market Wrap International:

The global equity indices suffered one more session of gloom ‎over rising yields, increased geopolitical tension and prospects of ‎fresh lock-down measures in China. The yields on the U.S ‎treasury jumped again and stoked fears of continued hawkish ‎stance by central banks around the globe. In the U.S, the ‎benchmark indices recorded fourth straight session of losses the ‎S&P 500 and Nasdaq dropped by 0.7 – 1.1%. ‎‏7‏‎ out of eleven listed ‎sectors on the S&P 500 Index closed negative. All eyes are on ‎the upcoming minutes of the FOMC meeting (due on ‎Wednesday) and CPI data (due on Thursday) in the U.S.‎

In Europe, the benchmark Stoxx Europe 600 Index recorded ‎losses of 0.6%, a fifth straight session of losses. Investors ‎remained cautious ahead of the upcoming data release in the ‎U.S. The latest proposal from Germany to issue a joint debt, ‎extension of Bank of England bond purchase program and latest ‎data on consumer confidence in the U.K added to investors’ ‎concerns.‎

In Asia, markets reeled from dual shocks of increased prospects ‎of fresh lockdown measures in China and the latest ‎announcement from the U.S to introduce fresh curbs on ‎Chinese semiconductors’ exporters. HangSeng in Hong Korea ‎suffered another significant daily loss of 2.2% as Chinese stocks ‎listed on the exchange dragged the index down. TAIEX, a tech ‎heavy index in Taiwan, dropped the most (4.4%) in the region. ‎Japan (Topix: 1.9%) and KOSPI in Korea (-1.8%) also recorded ‎heavy losses for the day. China’s Shanghai Composite Index ‎managed to eke out nominal gain.