Reports

2023-07-19

Daily Market Monitor 19-07-2023

Tadawul Review:

Tadawul All Share Index (TASI) ended the session negatively ‎on Tuesday’s session by -12 points (-0.1%) to close at 11,769 ‎levels. TASI opened the session on a positive note of +15 ‎points. However, TASI faced a significant drop in the middle of the ‎session before minimizing its losses at the end of the session. ‎In general, 18 out of 20 sectors closed in the red zone, while ‎‎173 of 223 shares fell and 42 rose. Materials (-1.0%), Food ‎and beverages (-0.8%), and Transportation (-2.9%) sectors ‎contributed the most to the index's -22 point fall. Stockwise, ‎Al Rajhi Bank (-0.7%), Sabic (-1.0%), Marafiq (-4.4%) were ‎the major contributors. The trading volume activity increased ‎by 19% DoD to reach 326mn shares, while the trading value ‎remained unchanged with SAR8.1 bn value traded.‎

 

 

Market Wrap International:

The global equity markets moved in divergent directions on ‎Tuesday driven by ongoing result season and the release of ‎economic data. In the U.S, the S&P 500 rose 0.7% on Tuesday. The fresh signs of trade war between ‎the U.S and China and punchy valuation weighed on investors ‎sentiments. The economic data (Retail sales, industrial ‎production) was broadly mixed. The sovereign yields on the US ‎bonds recorded a second straight session of trimming ahead of ‎policy announcement early next week. ‎

In Europe, the earnings season started making an impression ‎on stock performance with the Stoxx Europe 600 Index rising ‎by 0.6% on Tuesday. Healthcare, media and basic resources ‎were the major drivers of the index. The country level indices ‎too moved in the same direction and were up 0.4-0.6%.‎

 

‎In Asia, the weak economic growth estimate and the latest ‎reports in the market of the Biden Administration considering ‎imposing fresh limits on exports of chips from the U.S to China ‎dragged down the major indices by -0.6%|+0.3%. Hang Seng in ‎Hong Kong was the major underperformer and dropped by ‎‎2.1% following resumption of trading after typhoon-affected ‎session on Monday. Topix and Sensex were the two major ‎outliers and closed higher by 0.3-0.6%.‎

 

 

 

Daily Market Monitor 19-07-2023