2023-10-23
Daily Market Monitor 23-10-2023
Tadawul Review:
Tadawul All Share Index (TASI) fell for the third day on Sunday’s session, down by -158 points (-1.5%) to close at the 10,496 levels. TASI started the session with a negative note, declining by -17 points and continuing to decline throughout the session to close at its intraday low. Overall, all sectors closed in the red zone, while 189 shares fell and 29 rose. Banks (-2.2%), Materials (-1.1%), and Utilities (-2.3%) sectors contributed the most to the index falling. Stockwise, Al Rajhi Bank (-2.1%), ACWA Power (-3.0%), and Bank AlBilad (-6.4%) were the major contributors. The trading activity witnessed an increase in volume by 4% to reach 151mn shares, while the value declined by -26% to reach SAR3.3bn in value traded.
In the global markets, following a busy week analyzing a flurry of economic and corporate announcements and a significant rise in bond yields, global markets are once again directing their attention to the escalating tensions in the Middle East and anticipating another weekend marked by conflict. As investors analyze Powell's speech about the chance of tougher borrowing conditions to control inflation,
In Europe, investors maintain a bearish outlook in the near term, primarily due to high interest rates and declining earnings in the region. However, amidst this scenario, the Swiss franc emerges as a longstanding safe haven asset, recently reaching its highest level against the euro since 2015.
In Asia, as traders remain on the lookout for safe havens amidst the latest geopolitical developments, tensions escalated between China and the Philippines in the South China Sea, with Chinese vessels obstructing a Philippine supply boat. The Japanese yen stands at its lowest against the dollar in about a year.
Daily Market Monitor 23-10-2023
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