Tadawul Review:

Tadawul All Share Index (TASI) snapped its four-day losing streak ‎to record gains of 106 points (+0.9%) to close at 11,940 level. The ‎index opened on a positive note and reached the intraday high ‎above 12,000 mark (+63points) before retreating and reducing the ‎gains to 74 points. In general, 17 out of 20 sectors closed in the ‎green zone, while 177 stocks rose and 29 fell. The index gains were ‎led by Banks (+0.9%), Materials (+0.9%), and Energy (+1.5%) ‎sectors, which contributed to the index's rise by 68 points. Stock-‎wise, Al Rajhi Bank (+1.4%) led the charge, followed by Aramco ‎‎(+1.5%) and the Saudi National Bank (+1.2%). Lazurde Company ‎for Jewelry (+10%) and Seera Group Holding (+7.1%) were the top ‎gainers on Sunday. The trading activity witnessed a decline in the ‎volume and value of trading by -4% and -16% to reach 121mn ‎shares and SAR4.5bn. TASI is likely to show more sideways moves ‎in coming sessions due to general lack of triggers for investors. ‎Stability in oil prices and international markets remain ‎important  for the market to build any momentum on the ‎upcoming Sep-end result season. ‎

 

 

Market Wrap International:

The global equity indices are bracing for a data-heavy period next ‎week with economic data on inflation and consumer sentiment in ‎major economics (US, UK, Germany) set to be released. The ‎magnitude of positive and negative surprise will determine the ‎sustainability of positive returns recorded in the preceding week. In ‎the U.S, the CPI, PPI consumer sentiment data is due to be released ‎next week. Though early reports suggest the inflationary pressure is ‎receding in the U.S due to combination of strong US dollar and the ‎soft commodity prices. A positive data on CPI ahead of the ‎upcoming FOMC meeting on 21st Sept. may extend the recovery.‎

In Europe, the markets have positively responded to the ECB ‎decision of hiking interest rates by 75bps with benchmark Stoxx ‎Euro 600 Index and Euro making recovery. However, broader ‎worries on energy supplies and inflation persist. CPI data release in ‎the U.K and Germany will once again serve to remind the investors ‎of the underlying inflation and the need for similar policy action in ‎future.‎

In Asia, investors have had a sigh of relief on the drop in dollar ‎index and better than expected CPI reading last week. A slew of ‎economic data is due to be released in the region next week. ‎Besides the release of economic data in the region and the U.S, the ‎investor will also keep an eye on the upcoming visit of the Chinese ‎president to Russia for an important meeting with the Russian ‎President. ‎