Reports

2022-11-02

Daily Market Monitor 2-11-2022

Tadawul Review:

Tadawul All Share Index (TASI) declined on Tuesday, ‎dropping 137 points (-1.2%) to close at 11,530 levels. TASI ‎made an intial attempt to build on last session’s gains with a ‎slight increase of +9 points but soon caught up in the selling ‎pressure due to below-par results by select names material ‎sector. The index  lost ‎‏168+‏‎ point in the normal trading ‎session before partiallu paring losses. In general, 15 sectors ‎out of 20 closed in the red zone, while 49 shares rose and 157 ‎shares fell. The decline was led by Materials (-3.5%), followed ‎by Banks (-1%) and Real Estate (-2.3%) sectors, which ‎contributed to the decline of the index by a total of 111 ‎points. Amongst stocks, Saudi National Bank (-4.2%) was ‎followed by Maaden (-10%) and SABIC (-1.6%), which pulled ‎the index down the most. Trading activity also continued to ‎improve for the second day, in terms of trading volume and ‎value, by +25% and +13%, respectively, to reach 182mn ‎shares and SAR5.9bn. The index may look to find its footing ‎and may move sideways ahead of announcement by FOMC ‎expected after the close of the session. ‎

 

 

 

Market Wrap International:

The global equity indices broadly surged on Tuesday with the ‎mixed set of news on the U.S economic data (new jobs, PMI) ‎and unverified social media reports of Chinese authorities ‎considering ways to exit current Zero-COVID policy. The yields ‎on the U.S treasury stayed firm (+2-4bps) while the US dollar ‎index held its ground. The much-awaited two-day meeting of ‎FOMC started on Tuesday with a 75bps hike being well-‎entrenched expectations. In the U.S, the benchmark indices ‎moved sideways. ‎‏5‏‎ out of 11 sectors on the S & P 500 Index ‎closed positive though the index further retreated (down ‎‏0.4‏‎%). Nasdaq Composite and Dow Jones showed similar ‎trends.‎

In Europe, the benchmark Stoxx Euro 600 Index gave away ‎initial gains on the release of economic data in the U.S. The ‎index dropped from intraday high of 1.6% to close with modest ‎gains of 0.6%. Besides Fed and BOE decisions this week, ‎investors are also keeping a close eye on government plans to ‎plug the fiscal gap.‎

 

In Asia, social media reports of potential China reopening lifted ‎the sentiment. HangSeng (+5.2) in Hong Kong and Shanghai ‎Composite (+2.6) in China made a strong comeback led by ‎tech, financials and commodity names. Other country level ‎indices also showed positive trends with KOSPI (+1.8%) in ‎Korea, TAIEX in Taiwan (+0.7%), SENSEX in India (+0.6%) ‎and  Nikkei 225 (+0.3%) in Japan closing higher. ‎  ‎

 

Daily Market Monitor 2-11-2022