Tadawul Review:

Tadawul All-Share Index (TASI) made a recovery and ‎increased by +188 points (+1.9%) on Tuesday to close above ‎‎10,200 levels and settle at 10,221. TASI opened the session ‎positively and continued its strong rise until the middle of the ‎session, reaching its intraday high and achieving +270 points. ‎TASI retreated and reduced its gains for the rest of the ‎session. Recovery in oil prices in international markets was ‎the major trigger for the market.  In general, 16 out of 20 ‎sectors closed in the green, while 175 stocks rose and 32 fell. ‎Banks (+3.4%), Materials (+0.9%), and Energy (+1.4%) sectors ‎contributed the most to the index's rise of +149 points. ‎Stock-wise, Al Rajhi Bank (+4%), Saudi National Bank ‎‎(+2.7%), and Aramco (+1.3%) contributed most to the rise of ‎the index. The trading activity witnessed a decline in the ‎volume and value of trading by 17% and 5%, respectively, to ‎reach 534mn shares (Americana: 417.8mn shares) and ‎SAR5.6bn (Americana: SAR1.3bn). The index is likely to ‎sustain its recovery taking a cue from movement in ‎international equity benchmarks and oil prices.‎

 

 

Market Wrap International:

The global equity indices have had a field day on Tuesday on the ‎back of better than expected CPI print in the U.S and the further ‎reaffirmation of the economic reopening theme of China.  The ‎actual CPI in the U.S for Nov-22 came in at 7.1% vs consensus ‎expectation of 7.3%.Assets across the spectrum celebrated CPI ‎deceleration with the treasury yields in the U.S, commodity prices ‎rising and the U.S Dollar Index retreated. The benchmark S&P 500 ‎and Nasdaq Composite jumped ‎‏0.7‏‎% and ‎‏1‏‎% at session close with ‎real estate, energy and communication services in the lead.  The ‎data reaffirm expectations that policy measures since the start of ‎this year are decelerating inflation and makes a case for lower peak ‎in the interest rate than previously expected by investors.  All eyes ‎are now on the FOMC meeting due tomorrow.‎

In Europe, a more or less similar response in the key equity indices ‎was visible. The Stoxx Euro 600 Index was up 0.1% before the CPI ‎release and accelerated its ascent after the data to close with ‎‏1.3‏‎% ‎gain. Real Estate, tech and Cons. dictionaries were the three major ‎outperformers for the day. Country level indices too closed with ‎modest gains of 0.‎‏8‏‎-1.‎‏4‏‎%.‎

In Asia, markets moved in divergent directions with Hang Seng once ‎again being the pick of the day with ‎‏0.7‏‎% rise on the back of further ‎new measures towards economic reopening in Hong Kong. Indices ‎in Japan (TOPIX: +0.4%), and India (SENSEX: +0.‎‏6‏‎%) were up while ‎Shanghai Composite (-0.‎‏1‏‎%) and TAIEX (-0.6%) were down. Asia ‎was closed before the release of CPI data in the U.S ‎