Tadawul Review:

Tadawul All-Share Index (TASI) remained unchanged on ‎Monday, as it declined by only 3 points to close at 10,556 ‎levels. Monday's trading session witnessed fluctuations as the ‎TASI index opened negatively and continued to decline in the ‎first hours of trading, as it recorded an intraday low, ‎retreating by 107 points. However, TASI then began to ‎reduce its losses to complete the rest of the trading hours on ‎an upward trajectory to erase most of its daily losses. In ‎general, 11 out of 20 sectors closed in the red zone, while ‎‎102 stocks rose and 108 fell. Materials (+0.9%), Health Care ‎‎(+1.5%), and Capital Goods (+0.9%) sectors contributed to ‎the stability of the index, while Banks (-0.4%), Food and ‎Beverages (-1.2%), and Energy (-0.3%) were a drag on the ‎index. Among stocks, Riyad Bank (-3.3%), Alinma Bank (-‎‎3.1%), and Saudi British Bank (-2%) pulled the index down ‎the most. Trading volume activity was down 18% DoD to ‎‎175mn shares, while trading value was up 18% DoD to ‎SAR4.5bn. It is likely that we will see TASI moving sideways in ‎the upcoming sessions.‎

 

 

Market Wrap International:

The global equity markets underwent a fresh bout of downside ‎volatility following a hugely surprising job report in the U.S on ‎Friday. The US-China relationship further weighed on investors ‎sentiments. The yields on the U.S treasuries rose for the ‎second straight session as market expectation on future rate ‎hike and the terminal rate readjusted. In the U.S, the ‎benchmark S&P 500 Index and Nasdaq Composite fell by ‎respective ‎‏0.6‏‎ and ‎‏1‏‎%, extending the losses since the release ‎of the report. ‎‏9‏‎ out of ‎‏11‏‎ sectors on S&P 500 were in red. ‎Communication Services‏ (%1.3-)‏‎, Information Technology (-‎‎1.2%) and Materials (-1.1%) were the major drags on the S&P ‎‎500 performance.‎

In Europe, the markets pulled back further on similar concerns ‎as investors decided to book profit. The benchmark Stoxx ‎Europe 600 Index dropped by 0.8% at session close. FTSE-100 ‎which touched a new all-time high fell 0.8% while other ‎country indices (DAX: -0.8%, CAC:-1.3%) also moved in the ‎same direction.‎

In Asia, barring Japan, all major indices recorded losses. ‎HangSeng (-2%), KOSPI (-1.7%) and TAIEX were the major ‎underperformers in the region. Other markets fell in the range ‎of 0.6-0.8%. Japan (TOPIX: +0.5%) buckled the broader trend ‎on fresh market news of appointment of BoJ governor who is ‎widely seen as more pro-loose monetary policy. ‎‎