Reports

2023-09-10

Daily Market Monitor 10-09-2023

Tadawul Review:

Tadawul All Share Index (TASI) closed negatively on ‎Thursday for the sixth consecutive day by -83 (-0.7%) to ‎settle at 11,216 level. TASI initially opened the session ‎positively on a muted note with a gain of 3 points. However, ‎the index experienced significant fluctuations during the first ‎trading hour before steadily declining until the end of the ‎session. In general, 14 out of 20 sectors closed in the red ‎zone, while 142 of 223 stocks fell and 69 rose. Banks (-1.1%), ‎Materials (-0.8%), and Insurance (-2.2%) sectors contributed ‎the most to the index’s fall. Stockwise, Al Rajhi Bank (-1.5%), ‎ACWA Power (-1.7%), and Saudi Fransi (-2.4%) were the ‎major contributors. The trading volume ‎activity declined by -‎‎2% DoD to reach 209mn shares, while ‎the trading value ‎increased by +4% DoD to reach SAR6.4bn.‎

 

 

Market Wrap International:

For the global stocks markets, the markets faced downward ‎pressure this week due to optimistic U.S. economic data, ‎which increased expectations of a prolonged period of higher ‎interest rates. Furthermore, disappointing data from Europe ‎and China raised apprehensions regarding the overall state of ‎the global economy. The S&P 500 on Friday ended the day ‎with a modest increase by (0.1%) with 8 out of 11 listed sectors ‎rose, although the index remained significantly below its peak ‎for the session. However, all three major stock market indices ‎experienced weekly declines as investors expressed concerns ‎about interest rates.‎

In Europe, the stocks logged weekly losses despite gaining last ‎session, investors expressed worries about the deteriorating ‎economic outlook and the path of U.S. interest rates. The ‎focus has now shifted to the upcoming central bank actions in ‎the following week. The Stoxx Europe 600 moved higher by ‎‎0.2% snapping a seven-day losing streak. and FTSE 100 was ‎also up (0.5%). The country level indices also moved in the ‎‎same direction and were up 0.1-0.6%. ‎

In Asia, consumer prices in China returned to positive ‎territory, and the rate of decline in factory-gate prices slowed ‎down, according to recent data. This indicates a reduction in ‎deflationary pressures and suggests signs of economic ‎stabilization in the country. While Hang Seng index in china ‎was closed ‎ SHCOMP ended the session down by -0.2% in ‎Japan the indices closed on a negative note by (NIKKEI 225: -‎‎1.2%, TOPIX: -1%). the revised gross domestic product (GDP) ‎data shown on Friday highlights the fragile state of Japan's ‎economy. Other major indices in the region were in a range ‎between -0.02|+0.5. ‎

Daily Market Monitor 10-09-2023