Reports

2022-12-22

Daily Market Monitor 22-12-2022

Tadawul Review:

Tadawul All-Share Index (TASI) remained unchanged on ‎Wednesday, falling -3 points (-0.03%) to close at 10,277 ‎levels. The trading session once again underwent intraday ‎volatility on Wednesday as the TASI index opened positively ‎but quickly became subject to fluctuations between gains and ‎losses, trading in a range of 75 points. TASI closed +15 points ‎higher than the previous close during regular trading hours, ‎but lost its ground in the closing auction. In general, 12 out of ‎‎20 sectors closed in the green zone, while 136 stocks rose ‎and 64 fell. Banks (+0.1%), Insurance (+0.9%), and Telecom ‎‎(+0.3%) sectors contributed to the stability of the index, ‎while Utilities (-1.3%), Materials (-0.2%), and Food and ‎Beverages (-0.9%) were a drag on the index. Among stocks, ‎Al Rajhi Bank (-1.3%), SABIC (-1.4%), and ACWA Power (-‎‎1.9%) pulled the index down the most. The trading volume ‎activity increased by 1% DoD to reach 138mn shares, while ‎the trading value declined by 17% DoD to reach ‎SAR3.5bn. TASI is likely to show a more or less similar trading ‎pattern of range bound moves with intraday volatility in the ‎next few sessions.

 

 

 

Market Wrap International:

The global equity market broadly recovered from the decline ‎sustained in the wake of multiple monetary policy surprises by ‎major central banks. The sentiment, though, remained ‎tentative with investors eyeing economic data ahead of the ‎start of new year and the earnings season. Slow-down in ‎trading activity related to end-of the year cautious investors’ ‎stance has started becoming more pronounced,‎

In the U. S, the S*&P 500 Index rose by 1.5%, ending its four-day losing streak on Wednesday, Energy and Industrials were the major ‎support for the index’s recovery. The tech-heavy Nasdaq ‎Composite also made a recovery with 1.5% gain.‎

In Europe, the benchmark Stoxx Euro 500 Index rose by 1.7%. ‎The fears of recession in the region are depending as a slew of ‎data on industrial production and consumer demand point to ‎significant slowdown. A latest survey in the U.K suggests a ‎steep 10% drop in the house prices in the U.K in 2023.‎

 

In Asia, BoJ and the yield on government bonds in Japan and ‎the Covid-19 updates in China were the major focus. Overall, ‎key indices moved in divergent directions. Indices in Hong Kong ‎‎(HangSeng: +0.3%) Taiwan (TAIEX: +0.5%) managed to close ‎with gain while indices in Japan (TOPIX: -0.6%), China ‎‎(Shanghai Composite: -0.2%), India (SENSEX: -1.0%) and Korea ‎‎(KOSPI: -0.2%) closed down. ‎

 

Daily Market Monitor 22-12-2022