Reports

2022-10-05

Daily Market Monitor 5-10-2022

Tadawul Review:

Tadawul All Share Index (TASI) extended the gains for the ‎sixth consecutive day to add 172 points (+1.5%) to close at ‎‎11,780 levels, where the index managed to add +871 points ‎through the previous six positive sessions. TASI closed at its ‎highest level in 12 days. TASI witnessed a decline at the ‎beginning of the session after a highly positive opening (+103 ‎points).  However, the index started its gradual rise to ‎compensate for its losses and gained 101 points from its ‎intraday low. In general, 19 sectors closed in the green zone ‎except for the Food & Beverages sector, while the advance ‎to decline ratio came in at 5:1. Banks (+1.7%), Materials ‎‎(+1.6%), and Real Estate (+3.5%) sectors contributed the ‎most to the index's rise (+115 points). Amongst stocks, Al-‎Rajhi Bank (+1.8%), Saudi National Bank (+2.4%), and ‎Aramco (+0.7%) contributed most to the rise of the index. ‎Trading activity witnessed an increase of +6% and +7%, ‎respectively, to reach 196mn shares and SAR7bn. TASI may ‎look to extend its rally given storng surge in oil prices. The ‎index may also get inspiration from positive sentiment in ‎international markets. ‎

 

 

Market Wrap International:

The global equity indices enjoyed yet another very positive ‎session on Tuesday with all major markets recording gains for ‎the second straight session of the new quarter. The risk-on ‎trade was inspired by weaker than expected economic data in ‎the U.S (Job opening and manufacturing) which spurred ‎expectation of less hawkish Fed. Treasury yields declined while ‎the US dollar index retreated. In the U.S the S&P 500 and ‎Nasdaq Composite surged ‎‏3.1‏‎% and ‎‏3.3‏‎% respectively with the ‎financials and energy sector in the lead.‎

In Europe, Stoxx Euro 600 Index made another big recovery ‎on Tuesday and jumped 3.1% at session close.  Travel, leisure, ‎and technology were the biggest gainers for the day. Attracted ‎by valuation and recent steep decline, investors put concerns ‎on energy challenges and political noise in the U.K.‎

In Asia, all major indices painted a similar picture with indices ‎surging by 2.1-3.2%. Markets in China were closed for national ‎holidays. Tech heavy indices in the region received further ‎boost from a report that the U.S may announce further ‎restrictions for Chinese chip exporters to the U.S. ‎

Daily Market Monitor 5-10-2022