Reports

2023-08-21

Daily Market Monitor 21-08-2023

Tadawul Review:

Tadawul All Share Index (TASI) rose for the second day by 50 ‎points (+0.4%) on Sunday’s  session to close at 11,501 levels. ‎TASI opened ‎the session on a slight positive note by 3 points ‎from the ‎previous close and continued to rise reaching its ‎intraday high by 63 points in the middle of the session befotre ‎declining until the end of the session. In general, 10 out of 20 ‎sectors ‎closed in the green zone, while 105 of 223 shares ‎rosel and 108 ‎fell. Banks (+0.8%), Materials (+0.8%), and ‎Health care equipment and services (+1.5%) sectors ‎contributed the most to ‎the index's 47point rise. Stockwise, ‎Saudi National Bank (+1.1%), Sabic (+1.7%), and Maaden ‎‎(+2.4%) ‎were the major contributors. The trading activity ‎witnessed a decrease in volume and value by -35% and -42%, ‎respectively, to reach 151 shares and SAR3.7bn in value ‎traded.‎

 

 

 

Market Wrap International:

The global equity markets are likely to have few more sessions ‎of sideway movements before adopting a definite direction. ‎The last week updates in the U.S (minutes of FOMC meeting) ‎Asia (trade data, Evergrande Group), and Europe (U.K retail ‎sales, other data) has added to market confusion on the future ‎direction of interest rates and the efficacy of much-hyped ‎economic stimulus in China. Next week will see a high-profile ‎event of central bankers and finance ministers at Jackson Hole ‎which may throw more lights on the thought process of key ‎central bankers. The economic data in the U.S include retail ‎sales, and consumer sentiment. Next will also see result for ‎June-end quarter from a number of important companies. ‎

In Europe, the PMI data in key economies will highlight the ‎prospect of revival of economic growth in the region beyond ‎‎2023. Already weak retail in U.K and other important data ‎released last week has dimmed prospect of meaningful upside ‎in growth and have prospect of further rate hike.‎

 

In Asia, the filing of bankruptcy by Evergrande Group after the ‎market close will likely weigh on the investors’ sentiment and ‎may add to market volatility in near-term.  Important data ‎points/updates  in the region include CPI and PMI in Japan, ‎and Prime Rate in China.‎

 

Daily Market Monitor 21-08-2023