Tadawul Review:

Tadawul All-Share Index (TASI) ended Sunday's session ‎positively for the second day in a row, rising +13 points ‎‎(+0.1%) to close at 10,459 levels. TASI had started the ‎session negatively, down -5 points from the previous close, ‎but TASI soon started to rise during the first hour of trading, ‎as it reached its intraday high at +30 points, from which the ‎index began to fluctuate during the remaining hours of the ‎session between profits and losses as trading was in the range ‎of 50 points, and despite that, TASI was able to close in ‎green. In general, 13 sectors out of 20 closed in the green ‎zone, while 141 stocks rose and 69 fell. Telecom (+2.7%), ‎Materials (+0.4%), and Real Estate (+0.9%) sectors led the ‎index gains, while Health care (-0.4%), Insurance (-0.3%), and ‎Transportation (-0.7%) were the major drags on the index. ‎Among stocks, STC (+2.6%), Zain (+9.8%), and Dar Al Arkan ‎‎(+2.8%) contributed most to the rise of the index. The ‎trading activity witnessed a decline in the volume and value ‎of trading by 5% and 8%, respectively, to reach 122mn shares ‎and SAR4.1bn.‎

 

 

Market Wrap International:

The global equity markets are likely to trade cautiously over ‎the next few sessions with the investors digesting the updates ‎on recent events on stress on the financial sector on both sides ‎of the Atlantic. Investors’ sensitivity to any negative news ‎around the financial names may draw an oversized response in ‎the market. The treasury yields have responded to the latest ‎dot plot from the Fed suggesting 5.25% to be the peak rate, ‎just a notch above current level. Beyond stress in the financial ‎sectors, investors will also focus on the upcoming data on ‎consumer confidence, inflation (PCE Core deflator) and ‎housing. A strong data on either growth or confidence may ‎serve to alleviate investors’ concerns on slow-down in ‎economic growth.‎

In Europe, the volatility in stock price in Deutche Bank and ‎credit default swap of the bank’s bonds remain a big ‎concerning issue for the investors in the aftermath of forced ‎merger between UBS and Credit Suisse. On the data front, ‎CPI for the region is likely to show more easing. German IFO ‎expectation, a key gauge proxy for GDP growth in the ‎country, and mortgage data in U.K are two important data ‎points in the region,‎

In Asia, markets will likely keep track of latest developments ‎in both the U.S and Europe. Besides, important economic data ‎points and a raft of banking results are also due in China next ‎week. ‎