Tadawul Review:

Tadawul All-Share Index (TASI) made another positive ‎closing on Monday, the eighth day in a row, and added ‎another +170 points (+1.6%) to close at 10,807 levels. TASI ‎opened the session positively, up +64 points from the ‎previous close, and continued to rise until it closed at the ‎highest level for today. In general, 16 out of 20 sectors closed ‎in the green zone, while 146 stocks rose and 68 fell. Banks ‎‎(+2.9%), Materials (+1.1%), and Utilities (+2.7%) sectors ‎contributed the most to the index's rise of +129 points. ‎Stock-wise, Saudi National Bank (+4.4%), Riyadh Bank ‎‎(+5.9%), and Alinma Bank (+4.4%) contributed most to the ‎rise of the index. The trading volume activity increased by ‎‎27% DoD to reach 228mn shares, while the trading value ‎increased by 30% DoD to reach SAR6.6bn. TASI has added ‎‎457 points (4.4%) in the current rally. The index enjoys a ‎strong momentum may sustain the rally despite strong recent ‎performance.

 

 

 

Market Wrap International:

The global equity markets broadly moved sideways on Monday ‎amid mixed economic data and the announcement from OPEC+ to ‎curtail oil production. A strong performance in the foregoing week ‎also made investors cautious. In the U.S, the S&P 500 and Nasdaq ‎Composite moved in divergent directions as the former rose by 0.4% ‎while the latter dropped by 0.3%. Energy names were in the lead as ‎tech and growth stocks came under selling pressure. The treasury ‎yields move higher on concerns on the impact of a cut in oil ‎production by OPEC+ and energy prices.‎

In Europe, the PMI data for the month of Mar in the U.K and ‎Germany fell short of expectations and stoked fears of recession. ‎The Stoxx Europe 600 Index was little changed, declining by 0.03%.‎

In Asia, markets broadly moved higher led by China (Shanghai ‎Composite: +0.7%), Japan (TOPIX:+0.7%), India (SENSEX:+0.2%). ‎Strong economic data in China released in recent sessions, coupled ‎with relatively attractive valuation in the region, provides an ‎encouraging backdrop for performance.  ‎‎‎