2023-11-16
Daily Market Monitor 16-11-2023
Tadawul All Share Index (TASI) rose on Wednesday for the second day, rising by +166 points (+1.5%) to close at the 11,022 levels, the move was the biggest increase since jumping by 1.9% on June 4th TASI began the trading session with a 47-point increase and steadily climbed throughout the day until the session concluded. Overall, 17 out of 20 sectors closed in the green zone, while 181 shares rose and 39 fell. Banks (+2.5%), Materials (+2.8%), and Telecommunications (+2.7%) sectors contributed the most to the index rising. Stockwise, Al Rajhi Bank (+3.9%), Sabic (+4.2%), and Saudi Telecom (+4.5%) were the major contributors. The trading activity witnessed a decline in volume by -8% to reach 243mn shares, while the value increased by +38% to reach SAR6.9bn in value traded.
In the U.S, stocks extended gains as investors welcomed cooler-than-expected inflation readings in the US and the UK as evidence that central banks may be done with their aggressive interest rate hikes. The S&P 500 closed the session up by +0.2%, with 7 out of 11 listed sectors rising, The Nasdaq Composite registered a +0.1% increase as the U.S. Treasury prices soared, with the yield on the interest rate sensitive two-year note hitting a two-week low.
In Europe, the Stoxx Europe 600 rose by +0.4% on Wednesday after stabilizing consumer prices in the U.S. The FTSE-100 index closed on a positive note by +0.6% after the UK's inflation rate tumbled to the lowest level in two years.
In Asia, markets rose after China stepped up economic support. The People’s Bank of China injected the largest amount of cash into the banking system since 2016, offering 1.45 trillion yuan ($200 billion) of cash through its medium-term lending facility. The Chinese indices were positive (Shanghai Composite: +0.5%, Hang Seng: +3.9%), and the benchmarks in Japan showed positive performance (Topix: +1.2% and Nikkei 225: +2.5%).
Daily Market Monitor 16-11-2023
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