Tadawul Review:

Tadawul All-Share Index (TASI) remained largely unchanged ‎on Tuesday, as it declined by only 13 points (-0.1%) to close ‎at 10,634 levels. TASI had opened the session at 10,659, a ‎slight increase from Monday's closing level, and trading ‎remained within a 65-point range throughout the day. TASI ‎recorded its intraday low in the last hour of trading, down by ‎‎-52 points, before adding +39 points in the closing auction to ‎trim some of its losses. In general, 16 out of 20 sectors closed ‎in the green zone, while 103 stocks rose and 101 fell. ‎Materials (+0.3%), Energy (+0.5%), and Food and Beverage ‎‎(+1%) sectors contributed to the stability of the index, while ‎Banks (-0.9%), Insurance (-0.7%), and Capital Goods (-0.5%) ‎were a drag on the index. Among stocks, Al Rajhi Bank (-‎‎0.8%), Saudi National Bank (-1.2%), and Saudi British Bank (-‎‎2.6%) pulled the index down the most. Trading activity ‎witnessed an increase in volume and value by +6% and +8%, ‎respectively, to reach 144mn shares and SAR4.5bn. TASI is ‎likely to continue trading in a narrow range.‎

‎

 

 

Market Wrap International:

The global equity market moved in divergent directions on ‎Tuesday amid nervousness over the latest Fed comment. The ‎lack of any other major data updates also added to market ‎volatility. In the U.S, two Fed officials suggested on Monday ‎that the Fed would need to raise the policy rate above 5% ‎before pausing. The latest comments highlighted the big ‎disconnect between what Fed has been advocating and the ‎currently implied market rates. The benchmark S&P 500 and ‎Nasdaq Composite Index managed to deliver positive returns ‎on Tuesday and moved up by 0.7% and 1%. Communication ‎Services‏ ‏and consumer discretionary were the top performing ‎sectors in the S&P 500.‎

In Europe, the benchmark Stoxx Euro 600 Index dropped by ‎‎0.6%, reversing a two day rally.  Industrial, Real Estate and ‎tech were the three major drags for the index. Country level ‎indices moved in tandem and were down 0.‎‏1‏‎-.6%.‎

In Asia, barring Japan which resumed trading after a national ‎holiday on Monday, Taiwan and Korea (KOSPI: little changed), ‎all other markets were in red by 0.1-1%. The latest Fed ‎comments has raised the risk that the USD dollar index may ‎recoup some of the losses suffered in recent sessions, a key ‎driver of Asian markets along with China re-opening theme. ‎India’s SENSEX was the worst performing index and was ‎down 1%. Below-expected earnings by Tata Consultancy made ‎investors more cautious before the result seasons get into full ‎swing. ‎