Tadawul Review:

Tadawul All-Share Index (TASI) broke a three-day losing ‎streak on Thursday, rising +35 points (+0.3%) to close at ‎‎10,965. TASI started the session on a muted note, but soon ‎the index came under selling pressure and made an intraday ‎low of 95 points in the first half of the trading hours, but it ‎started building its positive momentum in the second half of ‎the session to cut its losses and add +90 points before the ‎closing auction. In the closing auction, TASI managed to add ‎‎+40 points to close in green. In general, 1‎‏2‏‎ out of 20 sectors ‎closed in the green zone, while ‎‏99‏‎ shares rose and ‎‏99‏‎ fell. ‎Telecom (+2%), Banks (+0.2%) and Energy (+0.9%) sectors, ‎contributed the most to the index's rise by a total of 26 ‎points. Stock-wise, Aramco (+0.9%), STC (+2.8%), and ‎Banque Saudi Fransi (+3.6%) contributed most to the stability ‎and rise of the index. The trading activity witnessed a decline ‎of 21% and 18%, respectively, to reach 80mn shares and ‎SAR3.3bn. TASI has bounced back from its key support area ‎just below 11K mark. However, with low oil prices, the ‎support is likely to be retested again. ‎

 

 

Market Wrap International:

The global equity indices surged higher on Wednesday buoyed ‎by the minutes of the last Fed meeting and the fall in ‎commodity prices. The treasury yields in the U.S and the dollar ‎retreated further on Wednesday ahead of Thanksgiving holiday ‎on Thursday. Oil prices made a headline on higher than ‎expected price cap imposed by EU for Russian oil exports and ‎the surprise addition in the U.S product inventory. In the U.S, ‎the benchmark S&P 500 and Nasdaq Composite Index moved ‎higher by 0.6% and 0.1% at session close. Barring energy, all 10 ‎listed industrial sectors were up on S&P 500.‎

In Europe, the Stoxx Euro 600 Index took a cue from the ‎release of the minutes of the latest Fed meeting and reversed ‎its direction jumped 0.6% on Wednesday. The movement in ‎commodity prices and the expectation of a slow hike in ‎interest rate have subsided pressure on the European Central ‎Bank to make more aggressive moves.‎

In Asia, the major indices moved higher by 3-0.6% as investors ‎reassessed the COVID updates in China. Tech and energy ‎names were the major drivers. HangSeng (+0.6%) and ‎Shanghai Composite (+0.3%) were able to reverse course to ‎record first gains in six sessions. The markets in Japan were ‎closed for trading on Wednesday for a national holiday. ‎