Reports

2023-01-18

Daily Market Monitor 18-01-2023

Tadawul Review:

Tadawul All-Share Index (TASI) ended Tuesday's session ‎down -46 points (-0.4%) to close at 10,683 levels. TASI ‎opened the session negatively, down by -10 points from the ‎previous close, and continued its decline in the first hour of ‎trading, reaching its intraday low, down by -118 points. After ‎that, TASI trimmed some of its losses to complete the session ‎in a narrow range to the end of normal trading hours. In the ‎closing auction, TASI added 51 points to significantly reduce ‎its losses and close the session at its intraday high for the day. ‎In general, 16 out of 20 sectors closed in the red zone, while ‎‎63 stocks rose and 142 fell. Banks (-0.8%), Telecom (-1.2%), ‎and Real Estate (-1.3%) sectors were the major drags on the ‎index and contributed a total of -41 points. Stocks-wise, ‎Saudi National Bank (-1.6%), Saudi British Bank (-2.9%), and ‎Arab National Bank (-4%) pulled the index down the most. ‎The trading activity witnessed an improvement in volume and ‎value by 17% and 7%, respectively, to reach 171mn shares ‎and SAR4.3bn.‎

 

 

 

Market Wrap International:

The global equity indices were mixed on Tuesday with ‎investors bracing for the pickup in earnings seasons amid ‎conflicting economic data. In the U.S, the benchmark S&P 500 ‎moved down -0.2% while the Nasdaq Composite 100 Index ‎moved up by 0.1%. Investors are eyeing retail and PPI data ‎due tomorrow for further insight into likely Fed’s policy action ‎early next month. ‎

In Europe, the benchmark Stoxx Europe 600 Index continued ‎its recovery for the fifth session in a row, rising by +0.4%. The ‎wage growth data in the U.K has increased the risk of further ‎sizeable policy rate hikes by the BoE. Country level indices in ‎the region broadly moved sideways (+0.1%).‎

In Asia, economic growth of 3% in China, second slowest ‎growth since 1970’s, showed underlying resilience of economic ‎activity despite COVID-19 related curbs in 2H22. Market ‎reaction to data was muted with major indices closing with ‎little changed. In Japan, TOPIX and Nikkei 225 reversed gears ‎and moved higher by 0.9% and 1.2% ahead of an important ‎BoJ’s decision due tomorrow. Benchmarks in Hong Kong ‎‎(HangSeng: -0.8%), Korea (KOSPI: -0.9%) closed lower while ‎SENSEX (+0.‎‏9‏‎%) closed higher. ‎‎‎

 

 

 

 

Daily Market Monitor 18-01-2023