Tadawul Review:

Tadawul All-Share Index (TASI) snapped a eight-session raly ‎and fell on Wednesday by -28 points (-0.3%) to close at ‎‎10,921 levels, TASI opened the session positively up by 17 ‎‎points from the previous close, but underwent intraday ‎volatility and made an intraday day low of at 10,880 before ‎recovering partially paring losses. In general, 12 out of 20 ‎sectors closed in the red zone, while 119 ‎stocks fell and 93 ‎rose. Health care equipment and services (-3.3%), Materials ‎‎(+0.6 %), and Energy (-0.9%) sectors contributed the most to ‎the index's fall of -27 points. Stock-wise, Aramco (-0.9%), ‎sulaiman Al Habib (-5.2%), and Sabic (-1.3%) contributed ‎most to the fall ‎of the index. The trading activity witnessed a ‎decline in volume and value by -13% and -16%, ‎respectively, ‎to reach ‎‎202mn shares and SAR5.7bn. TASI is likely to remain ‎rangebound and consolidate below 11k mark in the next few ‎sessions. ‎

 

 

Market Wrap International:

The global equity indices were broadly directionless on Wednesday ‎amid concern on economic slowdown in the U.S and currency ‎appreciation in Japan. The trading activity in Asia was also ‎impacted by a national holiday in a number of markets in the ‎region. In the U.S, the impact of weak job opening and labor ‎turnover over data reverberated for the second session with treasury ‎yields dropping by another 4-6bps across 2 to 10 Year tenures. ‎Energy commodity prices however held up while gold stayed above ‎the USD200/oz mark. The equity benchmarks in the U.S, S&P 500 ‎and Nasdaq Composite weakened by 0.2% and 1.1% at session ‎close. 7 out of 11 sectors on S&P 500 closed with losses.‎

In Europe, the Stoxx Europe 600 Index dropped by 0.2% as investors ‎favored defensive names over cyclicals/growth. The weak PMI data ‎for important economies in the region alongside possibility of ‎further rate hike by the ECB in coming has made investors more ‎cautious. The country-level indices were mixed with FTSE-100 ‎‎(+0.4%) buckling the broader trend in the regional indices.‎

In Asia, the absence of trading in China, Hong Kong and Taiwan ‎impacted the overall performance of the region. The currency ‎movement in Yen vs USD dragged the key indices in Japan (TOPIX:-‎‎1.9%, Nikkei:-1.7%).Equity benchmarks in Korea (+0.6%) and India ‎‎(SENSEX+1%) closed with modest gains. ‎