Tadawul Review: 

The Tadawul All Share Index (TASI) rose for the second day ‎on Wednesday’s session by 63 points (+0.5%), closing at ‎‎11,727 levels. TASI opened the session positively with 21 ‎points and jumped to its intraday high of 94 points from the ‎previous close in the first trading hour. However, Tasi ‎continued the rest of the session with fluctuations. In general, ‎‎11 out of 20 sectors closed in the green zone, while 93 of 223 ‎stocks rose and 115 fell. Banks (+1.2%), Retailing (+1.3%), ‎and Energy (+0.3%) sectors contributed the most to the ‎index's (+52 points) rise. Stock-wise, Saudi Fransi (+5.2%), ‎Saudi National Bank (+1.5%), and Saudi Awwal Bank (+3.5%) ‎were the major contributors. The trading volume activity ‎increased by +25% DoD to reach 444mn shares and the ‎trading value slightly Increase by 1% DoD to reach SAR7.8bn.‎

 

 

Market Wrap International:

The global equity markets celebrated the below expected CPI ‎print in the U.S and the rally in tech names on earnings ‎optimism. The much-awaited CPI print for June-23 in the U.S ‎came in at 0.3% MoM, broadly in line with estimate. However, ‎the core inflation of 0.2% MoM surprised the consensus ‎estimate of 0.3% on the downside. The market showed a ‎sharp reaction as deceleration in inflation has strengthened ‎the case for a complete pause on the Fed rate hiking cycle ‎after this month’s meeting (due on 23rd July). The bond yields ‎in the U.S dropped by 8-15bps while key equity gauges ‎jumped 0.7-1.2%. 9 out of eleven listed sectors on the S&P 500 ‎Index were in green.‎

In Europe, the Stoxx Europe 600 Index partially pared the ‎intraday gains to close with 1.5% gain. The optimism on ‎upcoming earning season pushed the index higher with mining ‎and tech names leading the charge. The country level indices ‎too were buoyant and jumped 1.5-1.8%.‎

In Asia, the major indices closed higher by 1.1-0.4% on ‎Wednesday driven by positive economic data in China and ‎optimism on upcoming earnings season. Hang Seng in China ‎was the major outperformer in the region. Equity indices in ‎Japan however weakened by 0.7-0.8% on Yen appreciation. ‎