Tadawul Review:

Tadawul All-Share Index (TASI) closed positively on Tuesday, ‎up 131 points (+1.3%), to close at 10,359 levels. TASI opened ‎the session positively from the previous close, and after a ‎slight decline at the beginning of the session (-18 points), ‎TASI regained positive momentum throughout the trading ‎session, and reached its intraday high of +164 points in ‎normal trading. However, TASI fell 33 points in the closing ‎auction, trimming some of its profits. In general, 16 out of 20 ‎sectors closed in the green zone, while 146 stocks rose and ‎‎47 fell. Banks (+1.7%), Materials (+1.3%), and Energy (+1.9%) ‎sectors contributed the most to the index's rise of +97 points. ‎Stock-wise, Aramco (+1.9%), Al Rajhi Bank (+1.8%), and ‎Saudi National Bank (+1.2%) contributed most to the rise of ‎the index. Trading activity witnessed a remarkable ‎improvement in volume and value by 22% and 80%, ‎respectively, to reach 104mn shares and SAR3.5bn. The ‎uptick in commodity prices and optimism over Dec-end ‎results provided a positive backdrop for the market. TASI ‎may look to recoup its year-to-date losses in the coming ‎sessions. ‎

 

 

 

Market Wrap International:

The global equity markets exhibited mixed trends on Tuesday ‎amid thin volume across the regions. The latest announcement ‎from China on easing of COVID-19 restriction and the uptick ‎in the yields in U.S treasuries were the major drivers for ‎markets. In the U.S, the major indices slid on Tuesday with ‎S&P 500 and Nasdaq Composite losing 0.‎‏4‏‎% and ‎‏1.4‏‎%. ‎Technology stocks were the major drag for both indices with ‎Tesla dropping by another ‎‏11.4‏‎% on Tuesday, taking its ‎cumulative decline in value in this year to 69% so far. ‎

In Europe, the benchmark Stoxx Euro 600 Index pared its ‎intraday gains to close with minor gains +0.1%. The initial ‎optimism over China re-opening theme was tempered by ‎uptick in yields in the U.S. ‎

 

In Asia, the announcement of withdrawing conditions of ‎quarantine for inbound travelers in China stirred positive ‎responses in all major markets. Indices in the region moved ‎higher by ‎‏0.2‏‎-‎‏1‏‎% with stocks exposed to economic re-opening ‎theme in China outperforming benchmarks. Shanghai ‎Composite was up ‎‏1‏‎% while markets in Hong Kong were ‎closed for trading.‎