Tadawul Review: ‎

Tadawul All Share Index (TASI) fell on Thursday, dropping 2 points (-0.02%) to close at 10,777.94. The index opened 14 points below its previous close, but it recovered some losses before the close; however, it still ended in the red zone. Overall, 9 out of 21 sectors closed in the red zone, and 137 shares rose while 123 fell. Banks (-0.2%), Energy (-0.4%), and Materials (-0.2%) sectors contributed the most to the index decline. Stockwise, SNB (-1.3%), Saudi Aramco (-0.5%), and Maaden (-1.6%) were the major contributors to the index decline. The trading activity witnessed an increase in volume and value of +35% and +51%, respectively, to reach 227mn shares and SAR 5.3bn in value traded.

 

 

Market Wrap International:  

U.S. equities ended mixed as investors continued to assess the Federal Reserve’s more hawkish policy stance, with Treasury yields remaining elevated and the 10-year yield briefly moving above 5%. Technology and industrial shares supported the broader market, while materials, utilities and real estate lagged, and oil prices remained above $100 a barrel despite easing from recent highs. The S&P 500 gained 0.2%, the NASDAQ rose 0.4%, while the Dow Jones Industrial Average declined -0.2%.

European equities ended lower as higher global borrowing costs and renewed concerns over inflation weighed on risk appetite, with the selloff led by automobiles and telecommunications. Volkswagen’s weaker outlook and charges linked to Porsche added pressure to the auto sector, while telecom shares also declined broadly; healthcare and insurance showed greater resilience. The FTSE 100 fell -1.5%, the DAX declined -1.6%, the CAC dropped -1.5%, and the EURO STOXX 600 lost -1.1%.

Asian markets are trading higher in the latest session, supported by easing oil prices and stronger technology shares, while investors assessed the implications of further global monetary tightening. Japan’s Bank of Japan raised its policy rate to 1.25%, its highest level in 31 years, although the divided vote weakened the yen and moderated expectations for further increases; Chinese equities also gained after the latest lending-rate decision left benchmark rates unchanged. The Nikkei 225 rose 1.4%, the KOSPI gained 2.7%, the Hang Seng advanced 0.6%, and the SHCOMP climbed 0.9%.