Tadawul Review:

Tadawul All-Share Index (TASI) closed higher for the third ‎consecutive session, rising +68 points (+0.6%), to close above ‎‎11,000 points at 11,033 levels, which is the highest closing ‎level since November 20, 2022. TASI had opened the session ‎positively, up 15 points from the previous close, and ‎continued to rise to surpass the 11,000-point barrier and ‎complete the session above it. In general, 17 out of 20 ‎sectors closed in the green zone, while 151 stocks rose and ‎‎55 fell. Banks (+0.8%), Materials (+0.4%), and Energy (+0.8%) ‎sectors contributed the most to the index's rise of +43 points. ‎Stock-wise, AlRajhi Bank (+1.2%), Aramco (+0.8%), and ‎Maaden (+3%) contributed most to the rise of the index. The ‎trading activity witnessed a decrease in volume and value by ‎‎-4% and -8%, respectively, to reach 159mn shares and ‎SAR4.8bn. Today will mark the last trading session during the ‎holy month of Ramadan. The index has increased 6% during ‎the month.

 

 

Market Wrap International:

The ongoing Mar-end result season will likely gain more traction in ‎the next few sessions and may help divert market's attention from ‎economic data, recession fears and geo political tension.  A number ‎of companies are due to release the earnings next week. However, ‎for the investors the health of banks’ balance sheet and future ‎guidance from the management, in particular, remain crucial. In the ‎U.S, the economic data next week is concentrated on housing ‎‎(housing start, home sales and labor market (jobless). Following ‎release of softer-than-expected inflation and retail sales data last ‎week, investors are likely to closely track the data for reaffirmation ‎of market view that Fed’s interest rate hikes are having the desired ‎effects.‎

In Europe, the minutes of recent ECB meeting on interest rate hike, ‎CPI data for the region and U.K are important updates for the ‎market. The latest comments from important ECB officials have ‎strongly hinted at the continuation of current rate hike cycle with ‎an increase of another 50bps in the upcoming meeting.‎

In Asia, the economic data from China (GDP, Industrial Production) ‎and Japan (CPI) will likely be in the limelight. A strong data in China ‎will substantiate market optimism over recovery in economic ‎activity post lifting of sanctions. Meanwhile, Bank of Japan will ‎conduct its first policy meeting under the new governor next week. ‎Analysts have ruled any possibility of change in current ultra-loose ‎monetary stance of the bank. ‎