Reports

2022-10-11

Daily Market Monitor 11-10-2022

Tadawul Review:

Tadawul All Share Index (TASI) declined for the fourth consecutive ‎session on Monday, dropping 36 points (-0.3%) to close at 11,530 ‎levels. TASI index rose in the first hour of the session, reaching its ‎intraday high during the session at +62 points from the previous ‎close. Then it began to gradually decline before reducing some of ‎its losses in the last hour of trading to only -3 points before the ‎start of closing auction. In the closing auction, the index fell by an ‎additional 34 points, increasing its daily losses. In general, 13 of ‎the 20 sectors closed in the red zone, while the advance to decline ‎ratio came in at 1:1. Banks (-0.7%), energy (-0.7%), and Telecom (-‎‎1.1%) sectors were the major drags on the index. Stocks-wise, ‎Maaden Company (+3.2%), SABIC Agri-Nutrients Company (+2%) ‎and Sulaiman Al Habib (+3.8%) contributed most to the stability of ‎the index. Trading activity witnessed a remarkable improvement in ‎volume and value by 21% and 23%, respectively, to reach 140mn ‎shares and SAR4.7bn. TASI may see more sessions of sideway ‎moves ahead of the start of Sep-end result season.‎‎

 

 

Market Wrap International:

The global equity indices struggled to find footing on Monday ‎following a tumultuous close to the last week. Investors were ‎broadly cautious ahead of important data releases later this week ‎in both Europe and the U.S and policy decisions in China. Result ‎season too is keenly awaited with the result of financial companies ‎in the U.S due later this week to provide a sneak peek to the health ‎of the economy. Rumors of a fresh COVID-19 related lockdown also ‎played up. In the U.S, the benchmark indices moved around the ‎previous close initially but soon gave in to selling pressure to record ‎fourth straight session of losses. The S&P 500 and Nasdaq ‎Composite closed at 0.7% and 1%. Tech and Energy names were the ‎two big drags. Commodity prices dropped by 2-2.5% on fresh ‎concerns on demand outlook.‎

In Europe, the Stoxx Europe 600 Index closed pared intraday gains ‎to close with losses of 0.4%. Currency market in the region was ‎broadly stable though yields on select sovereign bonds inched up. ‎The new government in the U.K announced to prepone the ‎presentation of its fiscal plan to 31st Oct previously scheduled on ‎‎23rd Nov.‎

In Asia, markets digested the weak consumption data in China, ‎latest announcement of curbs for exports of chips to China, ‎prospects of further lockdown in China and weak closing of the U.S ‎markets on Friday. The Chinese markets resumed trading after a ‎week and dropped by 1.7%. Other notable performances included ‎HangSeng in Hong Kong (-3.1%) and SENSEX in India (-0.3%). ‎Markets in Japan, Korea and Taiwan were closed for trading on ‎Monday.‎‎

Daily Market Monitor 11-10-2022