Reports

2023-07-11

Daily Market Monitor 11-07-2023

Tadawul Review: 

The Tadawul All Share Index (TASI) fell on Monday’s session ‎by -22 points, closing at 11,587 levels. TASI opened the ‎session negatively by -15 points and reached its intraday low ‎by -43 points in the first trading hour. However, TASI ‎continued fluctuating throughout the session before dropping ‎again in the closing auction. In general, 9 out of 20 sectors ‎closed in the red zone, while 110 of 223 stocks fell and 101 ‎rose. Banks (-0.4%), Materials (-0.5%), and Energy (-0.4%) ‎sectors contributed the most to the index's (-26 points) fall. ‎Stock-wise, Al Rajhi Bank (-0.6%), Aramco (-0.5%), and Saudi ‎Fransi (-2.0%) were the major contributors. The trading ‎activity witnessed an increase in volume and value of 49% ‎and 14%, respectively, to reach 474 shares and SAR6.9bn in ‎value traded.‎

 

 

Market Wrap International:

The global equity indices broadly moved in a narrow range ‎ahead of important economic data release and result ‎announcement in the U.S later this week. In the U.S, the ‎treasury yield softened after gain in multiple sessions. The S&P ‎‎500 and Nasdaq Composite indices closed with minor gains on ‎Monday. Investors are keenly awaiting the CPI data release in ‎the U.S on Wednesday to firm up their view on the future ‎interest rate direction.‎

In Europe, the Stoxx Europe 600 Index weathered the ‎weakness seen in the early part of the session due to release ‎of economic data in China and managed to close with minor ‎gains of 0.2%. The country level indices too moved higher by ‎‎0.2-0.4%. The  investors have started questioning the central ‎banks’ resolve to materially increase interest rates given latest ‎economic data in key countries of the region showing slow-‎down in economic activity.‎

In Asia, the soft CPI and factory output data in China renewed ‎calls for fresh stimulus to accelerate economic recovery. ‎However, the equity gauges in the country, both of Hang Seng ‎and CSI 300 Index moved higher by 0.5% on the back of ‎positive sentiment in tech names. The equity indices in Japan ‎retreated further, marking the fifth session of straight losses as ‎investors remained worried over the growing disparity ‎between the inflation and current interest rate in the country. ‎Other major indices in the region moved in close range. ‎

Daily Market Monitor 11-07-2023