2023-10-08
Daily Market Monitor 8-10-2023
Tadawul Review:
Tadawul All Share Index (TASI) fell for the sixth straight session, dropping by -75 points (-0.7) to close at 10,765 levels. TASI opened on a positive note of +8 points but it started to decline throughout the session until the end. Overall, 15 out of 20 sectors closed in the red zone, while 121 shares fell and 90 rose. Banks (-1.1%), Energy (-1.0%), and Utilities (-2.0%) sectors contributed the most to the index fall. Stockwise, Aramco (-1.0%), Riyad Bank (-3.4%), and ACWA Power (-2.4%) were the major contributors. The trading activity witnessed a decline in volume and value of -53% and -35%, respectively, to reach 151mn shares and SAR4.1bn in value traded
In the U.S. markets, the stock market witnessed a rally on Friday, led by the technology sector, as Investors carefully examined a jobs report that showcased a broad-based increase in U.S. hiring throughout September, with a noticeable deceleration in wage growth. The S&P 500 ended on a positive note by +1.2% with ten of eleven listed sectors rising, and the Nasdaq Composite rose by +1.6% . The yields on 2-10-year tenures rose by 4.7-5.0bps.
In Europe, shares closed the week with gains (STOXX:+0.8%) after a turbulent period while the gains were not enough to offset the weekly losses. The release of a U.S. jobs report, which surpassed expectations, indicated that interest rates might remain elevated for a longer duration, leading to a rise in bond yields. In the UK, the FTSE-100 index closed up by +0.6% and the country-level indices closed positively within a range of +0.9%|+1.1% as The euro broke 11 straight weeks of declines against the dollar.
In Asia stocks, led by a rally in Hong Kong shares, gained momentum, while other markets remained subdued. The Chinese stocks listed on Hang Seng rose by (+1.6%), while indices in Japan closed by (TOPIX:+0.01%|NIKKEI 225:-0.3%) as the dollar was 0.54 % higher at 149.31 yen. The other major indices were positive within a range of +0.2% to +0.6%.
Daily Market Monitor 8-10-2023
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