Tadawul Review:

Tadawul All Share Index (TASI) declined by 30 points (-‎‎0.25%) on Thursday, to close at 11834 due to volatility in oil ‎prices and international markets. ‎The index opened positive ‎but struggled to sustain the positive momentum and struggled ‎to sustain the positive momentum. The index declined to ‎its intraday low of ‎‏138‏‎ points before the late hour recovery ‎saw the index close the session with minor loss of 29points. 5 ‎out ‎of 20 sectors closed in the red zone, and while advance ‎to decline ratio came in at a healthy 1.8:1. The usual sectors, ‎specifically ‎banking sectors (-0.2%), energy (-0.9%) and basic ‎materials (-0.2%) were the major drags on the ‎index. Trading ‎activity also witnessed a decline in the amount ‎and value of ‎trading by -4% and -3%, respectively. With stability in oil ‎prices and strong closing of major global indices over the ‎weekend, TASI may see a reversal of investor sentiment. The ‎index has already dropped by 6% from its mid-Aug high and ‎currently trades 3% below its 200DMA. ‎

 

 

Market Wrap International:

The global equity indices carried the positive momentum into ‎the second straight session on Friday with below expected CPI ‎in China and the decline in dollar index providing a much-‎needed impetus. In the U.S, the major indices jumped ‎‏2.1-1.2‏‎% ‎in a broad-based rally which saw all eleven listed sectors in ‎S&P 500 index, led by energy and communication, recording ‎positive closings. The dollar index retreated by ‎‏0.7‏‎% following a ‎jumbo rate hike by ECB while 10-year bond yield also declined.‎

In Europe, the Stoxx Euro 600 Index jumped by 1.5% on ‎session close with Euro consolidating its recovery above parity ‎against USD. The investors have shrugged off negativity from ‎ongoing energy crisis and inflation and opted for bargain ‎hunting particularly in energy, mining, and financials. The ‎country level benchmarks too recorded gains of more or less ‎similar magnitude.‎

In Asia, HangSeng Index stole the show in the region with a ‎sizable 2.‎‏7‏‎% jump on Friday led by real estate developers. ‎Shanghai Composite in China also jumped 0.8% for the day. ‎Both indices were influenced by below expected CPI data in ‎China which has rekindled hopes of more aggressive support ‎for the economy and property developers. Elsewhere, indices ‎in Japan (Topix: +0.4%), and India (Sensex :+0.2%) also surged. ‎Markets in Korea and Taiwan were closed for a national ‎holiday.