Tadawul Review:

Tadawul All Share Index (TASI) ended the last day of ‎November positively on Wednesday, rising +145 points ‎‎(+1.4%) to close at 10,897, capping the monthly losses at -‎‎771 points (MoM: -6.6%, YTD: -3.4%). TASI started the ‎session negatively, dropping -69 points in the first hour of ‎trading to reach an intraday low. From there, TASI began to ‎build positive momentum due to strong investor interest in ‎purchasing shares at attractive prices, rising 213 points from ‎the intraday low to reach its intraday high at the session's ‎end. In general, all sectors closed in the green except REITs, ‎while the advance to decline ratio stood at 2.7:1. Banks ‎‎(+1.1%), Materials (+1.9%), and Utilities (+2.9%) sectors ‎contributed the most to the index's rise of +80 points. Stock-‎wise, Maaden (+5.7%), Alinma Bank (+4.6%), and Aramco ‎‎(+0.9%) contributed most to the rise of the index. The ‎trading activity witnessed a remarkable improvement in ‎volume and value by 54% and 95%, respectively, to reach ‎‎170mn shares and SAR8bn (the highest trading value within 3 ‎months). ‎

 

 

Market Wrap International:

The global equity markets closed the month on a positive ‎note with optimism on China re-opening, latest Fed Speak ‎and inflation in the ECB in the news. The economic data (job ‎addition, GDP) in the U.S was mixed and but broadly pointed ‎out towards slow-down in economic growth. Commodity ‎prices moved higher while the dollar index retreated. In the ‎U.S, the benchmark S&P 500 Index and Nasdaq Composite ‎closed with gains of +3.1% and +4.4%. Information technology and communication service were ‎the major performers for the session.‎

In Europe, the latest data showed inflation in Nov-22 rose at ‎a below expected pace of 10%, recording the first monthly ‎drop in the data for over one and half years. The data ‎substantiates the drop in inflationary pressure seen in ‎member countries. The CPI data, along with optimism on ‎China drove the benchmark Stoxx Euro 600 Index higher by ‎+0.6% on Wednesday.  ‎

In Asia, the major indices took a cue from the COVID-19 ‎updates in China where the authorities have partially lifted ‎Covid restrictions in some districts in Guangzhou. The ‎updates fueled optimism of gradual reopening of the ‎economy soon. The Hang Seng index in Hong Kong (+2.2%) ‎and Shanghai Composite in China staged a late hour move. ‎The other major indices (KOSPI:+1.6, TAIEX:+1.2%) also ‎moved higher. Indices in Japan (TOPIX: -0.4%) were the ‎underperformers for the second straight session.  ‎