Tadawul Review:

Tadawul All-Share Index (TASI) ended its series of losses that ‎lasted for seven sessions, rising on Wednesday by +38 (+0.4%) ‎and closing at 10,508 levels. TASI began the trading session ‎with a slight increase of +7 points, and the trading session ‎fluctuated throughout the day as it was in the range of 77 ‎points. Despite the fluctuations, TASI remained in green at ‎session close. In general, 13 sectors out of 20 closed in the ‎green zone, while 98 stocks rose and 100 fell. Materials ‎‎(+0.8%), Energy (+1.2%), and Food and Beverages (+1.9%) ‎sectors contributed the most to the index's rise of +29 points. ‎Stock-wise, Aramco (+1.3%), Al Rajhi Bank (+0.6%), and ‎SABIC (+1.9%) contributed most to the rise of the index. The ‎trading activity also witnessed a decline in the volume and ‎value of trading by 4% and 9%, respectively, to reach 157mn ‎shares and SAR3.4bn.‎

 

 

 

Market Wrap International:

The global equity markets moved in divergent directions with ‎the latest statement from Fed Chair inspiring indices in Asia ‎and Europe. The recovery in indices in the U.S proved to be ‎short-lived with investors re-focusing on earnings season and ‎debt ceiling in the U.S. The benchmark S&P 500 and Nasdaq ‎Composite were down 1.1% and 1.7% at session end. All ‎sectors of the S&P 500 index closed in the red zone.‎

In Europe, the Stoxx Europe 600 Index extended its gains into ‎a second straight session with the benchmark adding another ‎‎0.3%. Energy and mining companies were the major drivers of ‎the index move following strong results and generous payout ‎guidance. FTSE-100 Index jumped 0.3% to its recent all time ‎high driven partially by BP. Other country level indices ‎too surged.‎

 

In Asia, key indices moved in both directions with TAIEX ‎‎(+1.4%) leading the region on the back of strong tech ‎performance. Tech names were also in the limelight in other ‎markets in Korea (KOSPI:+1.3%) and Hong Long (HangSeng: ‎broadly unchanged). SENSEX in India rose 0.6% with Adani ‎Group shares gaining for the second straight session. TOPIX in ‎Japan was broadly unchanged. ‎‎