Tadawul Review:

Tadawul All-Share Index (TASI) closed Sunday's session up ‎‎+181 points (+1.8%) to settle at 10,158 levels. TASI had ‎opened the session positively, up 36 points from the previous ‎closing level, and continued to rise positively for the rest of ‎the session hours. In general, 17 out of 20 sectors closed in ‎the green zone, while 156 stocks rose and 52 fell. Banks ‎‎(3.2%), Materials (1.8%), and Real Estate (3%) sectors ‎contributed the most to the index's rise of a total of +145 ‎points. Stock-wise, AlRajhi Bank (3.3%), Saudi National Bank ‎‎(3%) and Riyad Bank (4.2%) contributed most to the rise of ‎the index. The trading activity witnessed a decline in the ‎volume and value of trading by 49% and 56%, respectively, to ‎reach 118mn shares and SAR3.4bn.‎

 

 

Market Wrap International:

The global equity markets face a tough period ahead with the ‎decision by FOMC, the survival battle of Swiss banking giant, ‎and mid-sized bank in the U.S, CPI data in Japan. All in all, ‎markets likely remain more choppy in near-term. A smooth ‎resolution of the issues relating to financial stability may calm ‎the investors nerves. In the U.S, the market faces the ‎Fed Week whereby the FOMC will face a tough decision on ‎rate hike in the face of renewed financial stability in the U.S. ‎Consensus expects the Fed to make another 25bps rate ‎increase in its meeting on 22nd Mar.‎

In Europe, reports suggest the officials are working to meet ‎the apparent deadline for a possible deal between UBS and ‎Credit Suisse. Regardless of the outcome, the European banks ‎will remain in the limelight given fragile investors’ sentiment. ‎The Bank of England is likely to follow in the footsteps of  the ‎ECB and may stick to its plans of further 25bps hike in ‎interest rate.‎

In Asia, the latest cut in reserves requirement in China and the ‎news flow around the U.S and European banking sectors may ‎produce the divergent pulls for the markets. A possible deal in ‎Europe may allow markets in the region to make further ‎recovery. The CPI data in Japan is due this week and will once ‎again bring the ultra-loose monetary policy in Japan.‎

 

 

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