Tadawul Review:

Tadawul All Share Index (TASI) underwent yet another ‎negative closing on Monday with the index dropping by ‎‎105point to close at 10,033 levels. The negative sentiment ‎was evident from the word go as the index fell by xx points ‎to close below the 10k mark within a few minutes of the ‎start. The index fluctuated around the 10k mark and ‎managed to stay above on a closing basis thanks to recovery ‎in the post-closing auction. All listed sectors except for ‎utilities and healthcare equipment closed in red. Banks (-1.1), ‎Material (-0.8%) and energy (-1.82%) were the major drags ‎on TASI. Americana Restaurants, the first listed stock at TASI ‎and ADX, rose 2% on debut. Total traded volue ‎increase/decreased by ‎‏94‏‎%. The sentiment at TASI remained ‎fragile dragged by recent volatility in oil prices and prospect ‎for further rate hikes. The index has respected the important ‎psychological levels at 10k for now. Key technical indicators ‎remain oversold though overall momentum is negative. The ‎index may go through more volatile sessions in near-term.‎

 

 

Market Wrap International:

The global equity markets edged lower on Monday with ‎investors deciding to stay cautious ahead of important policy ‎decisions. The COVID-19 updates from China and ‎expectations of new supportive measures for property market ‎also weighed on investors sentiments. In the U.S, the ‎benchmark S&P 500 and Nasdaq Composite Index crawled up ‎by 1.3-1.4%. Eenrgy, Tech and Utilites were the major ‎performers for the session. Investros are eyeing the CPI data ‎‎(due tomorrow) and FOMC decision on rate hike (due on ‎Wednesday).‎

In Europe, the Stoxx Euro 600 Index retreated by another ‎‎0.5% on Monday. The rising prices of electricity remains a ‎major concerns as the region enters into peak winter period. ‎Country level indices also slid down by 0.3-0.4%.‎

In Asia, risk-off mode further deepened as infection cases in ‎China showed another uptick. The tech heavy indices ‎underperformed the region in particular in the backdrop of ‎intensifying efforts from the U.S to ensure ban of export of ‎chip from the U.S to China. Hang Seng was the worst hit ‎among key market with -2.2% drop followed by Shanghai ‎Composite (-0.9%) and KOSPI (-0.7%). The indices in Japan ‎‎(TOPIX:0.2%) and India (SENSEX: -0.1%) were little changed ‎at session end. ‎