Tadawul Review:

Tadawul All-Share Index (TASI) closed Monday’s session up ‎for the second day in a row and added ‎another +60points ‎‎(+0.6%) to close at 10,218 levels. TASI opened the session ‎negatively, down by 35 ‎points from the previous close, Then ‎the index reversed its course until ‎it reached the closing ‎point. In general, 11 out of 20 sectors closed in the green ‎zone, while 110 ‎stocks rose and 94 fell. Banks (+1.3%), ‎Health care equipment and services (+1. %), and Food and ‎‎beverages (+0.6%) sectors contributed the most to the ‎index's rise of +51 points. Stock-wise, Saudi ‎National Bank ‎‎(+3.9%), Al Rajhi Bank (+1.4%), and Riyadh Bank (+3.8%) ‎contributed most to the rise ‎of the index. The trading activity ‎witnessed an increase in volume and value by 52% and 34%, ‎‎respectively, to reach ‎‎179mn shares and SAR4.5bn.‎ TASI is ‎likely to sustain its recovery in near-term witht he ‎supports from oil prices and clarity over banking stocks. ‎

 

 

Market Wrap International:

The global equity markets remained in a tentative mode with ‎the announcement of a deal between UBS-Credit Suisse and ‎the impending decision by the Fed later this week. The crunch ‎in financial sectors in the U.S remained in the focus as the ‎regulators in the U.S extended the time to auction the two ‎troubled banks taken over by the authorities. Meanwhile, the ‎stock price of First Republican Bank, another bank with ‎financial distress, dropped on Monday despite significant ‎injection of liquidity by the banking peers in the U.S. The S&P ‎‎500 and Nasdaq Composite reflected the investors’ cautious ‎mode and moved in a close range to close with minor gains of ‎‎+0.9% and +0.4% respectively. Material and Financial sectors ‎gained 2% and 1.2% respectively.‎

In Europe, the regional benchmarks and the country level ‎indices reflected a relief rally and were up 0.9-1.3%. The losses ‎suffered by bond holders in Credit Suisse as a result of the ‎merger made investors cautious. The UBS stocks moved widely ‎before settling with +1.3% at the session end.‎

In Asia, markets absorbed the volatility in the international ‎markets over the weekend and were down 0.2-2.7%. The ‎initial gains in Shanghai Composite due to a surprise cut in ‎the reserves requirement in China were wiped out quickly. ‎HangSeng (-2.7%) was the worst hit due to the drag from both ‎financial and tech names.   ‎

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