2023-11-20
Daily Market Monitor 20-11-2023
Tadawul All Share Index (TASI) rose for the fourth day, rising by +55 points (+0.5%) to close at the 11,137 levels. TASI began the trading session on a positive note by 13 points and continued with a notable fluctuations throughout the session until the close. end. Overall, 16 out of 20 sectors closed in the green zone, while 157 shares rose and 57 fell. Materials (+1.1%), Real Estate (+3.4%), and Banks (+0.3%) sectors contributed the most to the index rising. Stockwise, Saudi National Bank (+1.5%), Al Rajhi Bank (+0.5%), and Jabal Omar (+6.0%) were the major contributors. The trading activity witnessed an increase in volume by +7% to reach 265mn shares, while the value decreased by -30% to reach SAR4.5bn in value traded.
In the U.S., the compelling evidence from the November stock market rally has propelled investor confidence significantly regarding the S&P 500 index attaining a record high by year-end. Additionally, investor optimism is further fueled by signs of inflation cooling down, raising hopes that the Federal Reserve will refrain from further interest rate hikes.
In Europe, despite a political crisis, Moody's has raised Portugal's rating by two notches, coinciding with investors' anticipation of a budget update in the UK. This comes as the British finance minister reassured on Sunday that he would steer clear of tax cuts that might contribute to inflationary effects.
In Asia, investors may find some respite in the upcoming week, assuming the continued efforts of President Joe Biden and Chinese leader Xi Jinping to avert geopolitical conflict. However, the unexpected termination of Alibaba Group's highly anticipated cloud spinoff remains a cause for concern, emphasizing the need for vigilant monitoring and careful observation by investors.
Daily Market Monitor 20-11-2023
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