Reports

2022-11-08

Daily Market Monitor 8-11-2022

Tadawul Review:

Tadawul All-Share Index (TASI) closed Monday's session with a ‎gain of 77 points (+0.7%) to settle at 11,599. The index made a ‎muted start with 5 points gains over overnight closing and tanked ‎to its intraday day low of -81points before paring its losses during ‎the normal trading hours. TASI added 72 points in the post clos ‎auction. In general, 8 out of 20 sectors closed in the green zone, ‎while 60 shares rose and 143 fell. Banks sectors contributed the ‎most to the index's rise (+1.8%), followed by the Telecom (+0.7%) ‎and Food and beverages (+1%) sectors, as they contributed to the ‎index's rise with a total of +85 points. Stock-wise, Al Rajhi Bank ‎‎(+0.9%), Saudi National Bank (+1.4%), and Riyad Bank (+3%) ‎contributed most to the stability and rise of the index. Trading ‎activity witnessed an increase in the volume and value of trading ‎by 25% and 62%, respectively, to reach 143mn shares and ‎SAR6.5bn. The index has sustained recovery for the second ‎straight session amid high intraday volatility. The index is likely to ‎crawl higher with banks (higher earnings expectation in 4Q) and ‎materials (stability in commodity prices) providing a lift to the ‎market.  ‎

 

 

Market Wrap International:

The global equity indices sustained the recovery into Monday with ‎the drop in yields on the U.S treasuries and the optimism towards ‎China re-opening of the economy. In the U.S, the benchmark ‎indices edged higher by ‎‏0.9‏‎-‎‏1.3‏‎% amid intraday gyration of the ‎index around its previous close. Communication Services‏ ‏and ‎Energy were the major performing sectors in the S&P 500 Index. The ‎mid-term elections in the U.S, due on Tuesday, remains a major ‎event in the near-term given a thin majority of the ruling party in the ‎congress.‎

In Europe, the Stoxx Europe 600 Index jumped 0.‎‏3‏‎% at session ‎close, recording gains for the second session. The European stocks ‎took a cue from the combination of drop in yields in the U.S and ‎positive vibes on reopening of China’s economy. Country level ‎indices gave a mixed performance with indices in France and ‎Germany closing positive while index in U.K closing negative.‎

In Asia, all major markets moved higher despite not-so-encouraging ‎economic data in China on trade numbers (both exports and ‎imports dropped). Optimism over potential re-opening of the ‎Chinese economy from COVID-19 restrictions remained a major ‎force and pushed HangSeng (+2.‎‏7‏‎%‎ ‏(‏‎ in Hong Kong and Shanghai ‎Composite (+0.2%) in China higher. Other notable performers in the ‎region include TAIEX (+1.5%) in Taiwan, KOSPI (+1%) in Korea and ‎Topic (+1%) in Japan.‎

Daily Market Monitor 8-11-2022