Tadawul Review:

Tadawul All Share Index (TASI) changed its course and ‎gained 52 points on Sunday. The index appeared to have ‎taken a support from its 200DMA of 12,239 which had ‎marginally breached last week. The relative stability in oil ‎prices in international markets on Friday also provided the ‎support. The index made an initial negative move but soon ‎changed its course to make an intraday high of ‎‏118‏‎ points ‎before settling down at session’s close. Overall, the gains ‎were evenly distributed with an advance to decline ratio of ‎‎1:1. Major support to the index came from energy (1.4%)  ‎and  materials (0.7%) sectors while utilities (-1.5%) and ‎Insuranc (-1%) were the major drags. The index may look to ‎consolidate its levels around important support levels given ‎the general lack of triggers/news and volatility seen in ‎international markets.‎

 

 

Market Wrap International:

The global equity indices are likely to struggle to find their feet ‎next week following a steep drop in the past few sessions. ‎Cautiousness likely to prevail as the key concerns on inflation ‎and monetary policy persist as reflected in higher dollar index ‎and bonds yields last week suggest. In the U.S, the trading ‎week will be shortened by a national holiday on Monday. ‎Economic data on production for Aug-22 due next week ‎remains a key focus area for investors after soft data in the ‎labor market eased expectations of a jumbo rate hike in the ‎upcoming policy decision.‎

In Europe, all eyes are on the ECB meeting on monetary ‎policy on Thursday which may affirm investors' expectation on ‎the first jump rate hike. The benchmark Stoxx Euro 600 Index ‎made a sharp recovery on the last trading day on valuation ‎appeal. The index may look to build on the positive ‎momentum from Friday.‎

In Asia, currency movement in the wake of increase in US ‎dollar (Yen at 24-year low, index and lock-down in China ‎remain major concerns for investors in near-term. Meanwhile, ‎overall valuations for many markets are attractive relative to ‎past average and provide comfort to investors. ‎