Reports

2023-06-13

Daily Market Monitor 13-06-2023

Tadawul Review: 

Tadawul All Share Index (TASI) ended Monday's session ‎positively, up +27 points (+0.2%) to close at 11,423, which is ‎the highest closing level since August 11, 2022. TASI had ‎started the session positively, up from the previous close by ‎‎+4 points, but TASI faced selling pressure from investors ‎during the first hours of trading as it reached its intraday low ‎by -51 points. However, after that, TASI started to ‎compensate for its losses, rise gradually after strong buying ‎operations to erase all its losses, and close at its intraday ‎high. In general, 11 out of 20 sectors closed in the green zone, ‎while 119 stocks rose and 83 fell. Materials (+0.4%), Food and ‎beverages (+1.3%), and Real Estate (+0.7%) sectors ‎contributed the most to the index's rise by 15 points. ‎Stockwise, Almarai (+2.4%), ACWA Power (+1.3%), and Elm ‎‎(+5.1%) were the major contributors to the rose. The trading ‎activity witnessed an increase in volume and value of 17% ‎and 12%, respectively, to reach 197 shares and SAR6.2bn in ‎value traded.‎

 

 

 

Market Wrap International:

The global equity markets surged on Monday on optimism ‎over soft inflation data in the U.S and expected lack of ‎surprises in the policy decisions by global central banks (Fed, ‎ECB, BoJ) later this week. In the U.S, the S&P 500 Index rose ‎‎0.9%, adding on to its gains after the index entered into a ‎technical bullish territory. Tech, and consumer discretionary ‎were the major contributors while energy names fell.‎

In Europe, the Stoxx Europe 600 Index managed to eke out a ‎positive return of 0.2% amid recovery in consumer luxury ‎names. The investors are digesting the latest data which ‎showed the economic activity entered a technical recession in ‎‎1Q23 in the region while the inflation pressure remained ‎elevated.‎

 

In Asia, indices in Japan led the region higher (Topix: +0.6%) ‎though concerns on economic recovery in China remained a ‎major concern. Currency devaluation was a major theme in ‎Japan. Rest of the major indices moved in a narrow range of ‎‎-0.1% to 0.5%. Expectations for new support measures in ‎China to support economic recovery are yet to materialize.‎

 

Daily Market Monitor 13-06-2023