Tadawul Review:

Tadawul All-Share Index (TASI) closed down for the fourth ‎day in a row by -101 points (-1%) and closed at its lowest ‎level since December 27, 2022 (40 trading days) at 10,270. ‎TASI started Tuesday’s session in a negative way and ‎continued its decline for the rest of the session, as it was ‎trading in a range of 136 points. In general, 14 out of 20 ‎sectors closed in the red zone, while 52 stocks rose and 151 ‎fell. Banks (-1.3%), Materials (-0.9%), and Real Estate (-2.2%) ‎sectors were the major drags on the index and contributed a ‎total of -70 points. Stocks-wise, Riyad Bank (-2.7%), Alinma ‎Bank (-2.7%), and SABIC (-1.6%) pulled the index down the ‎most. The trading activity also witnessed a decline in the ‎volume and value of trading by 8% and 3%, respectively, to ‎reach 118mn shares and SAR3.4bn. The drop in oil prices and ‎volatility in international markets may reinforce the negative ‎momentum in TASI in near-term though key technical ‎supports around 10,000-10,200 remain crucial‎.

 

 

Market Wrap International:

There was little respite for global equity markets on ‎Wednesday following three days of consecutive erosion in ‎market value. The minutes of the recent Fed meeting ‎substantiated the edginess among the investors and the spike ‎in treasury yields. The minutes showed a number of Fed ‎officials were reportedly prepared to take interest rates ‎above earlier guidance of 5.1%. In the U.S, the S&P 500 Index ‎fell for the fourth straight session amid intraday volatility. ‎Nasdaq Composite managed to eke out a minor positive ‎return of ‎‏0.1‏‎%.‎

In Europe, the Stoxx Euro 600 Index faced additional ‎headwinds of negative corporate earnings surprises besides the ‎fears of a more hawkish central bank. The index fell 0.3% ‎dragged by mining stocks. Consumer stable, media and ‎telecom were the key outperformers for the day.‎

Asian markets were particularly under pressure dragged by ‎tech names. Markets reacted to the moves in the U.S treasury ‎yields which rose to fresh multi-year highs. Concerns on ‎currencies in emerging markets and growth outlook on the ‎back of recent moves in interest rates in global markets have ‎forced investors to revisit the investment case for the region. ‎Major indices in the region were down by 0.5-1.7%. ‎