Tadawul Review:

Tadawul All Share Index (TASI) closed positive for the third ‎consecutive session on Thursday and recovered 235 points ‎‎(+2.1%) to close at 11,405 levels, capping the monthly loss at ‎‎878 points (-7.1% MoM: YTD: +0.6%). The index opened on a ‎positive note on the back of higher oil prices and strong ‎momentum in the major global markets. The positivity in the ‎market was visible from the start of the session, which was ‎sustained till the close. In general, 17 out of 20 sectors closed ‎in the green zone, while the advance-to-decline stock ratio ‎came in at 3:1. Banks (+2.7%), Materials (+1.7%), and Energy ‎‎(+2.6%), the three heavyweight sectors for TASI, provided ‎the push (cumulative contribution: 161 points). Stock-wise, ‎Aramco (+2.7%) led the charge, followed by Al Rajhi Bank ‎‎(+1.8%) and the Saudi National Bank (+2.3%). Yanbu Cement ‎and Thob Al Aseel were the top gainers on Thursday, up by ‎‎+10% for both. The trading volume activity increased by +4% ‎DoD to reach 172mn shares, while the trading value ‎decreased by -5% DoD to reach SAR6.4bn. The market may ‎look to further build the positive momentum with the latest ‎announcement of the preliminary budget for the year 2023 ‎also adding to the momentum. ‎

 

 

Market Wrap International:

The global equity indices capped one of the worst monthly ‎performances on a somber note on Friday with nervousness ‎over many of the recent themes (interest rates, currency, ‎recession & geopolitics) still at play. In the U.S, the benchmark ‎indices suffered yet another session of heavy losses to close at ‎levels last seen at the peak of COVID-19. The S&P 500 Index ‎dropped by 1.‎‏5‏‎% (only ‎‏1‏‎ out of 10 past sessions were positive) ‎while Nasdaq Composite lost ‎‏1.5‏‎%. The investors were further ‎spoked by the latest Fed Speak, reiterating resolve to fight ‎inflation with more interest rate hikes.‎

In Europe, the benchmark Stoxx Euro 600 Index ditched ‎broader trends and managed to close with 1.‎‏3‏‎% gains, partially ‎paring losses for the month. The index was already trading at ‎COVID-19 lows which prompted dip buying. The country level ‎indices moved in the same direction with FTSE in the U.K ‎‎(+0.2%) DAX in Germany (+1.2%) and CAC in France ‎‎(+1.‎‏5‏‎%).  Pound made further recovery and settled at ‎USD1.12/Pound. In a latest update, S&P has changed te rating ‎outlook for U.K to negative from the previous stable.‎

In Asia, markets exhibited divergent trends with Hang Seng in ‎Hong Kong (+0.3%, HSBC led recovery) and SENSEX (+‎‏1.8‏‎%, ‎market rallied after below expected rate hike announcement) ‎in India outperforming the region. Indices in Japan recorded ‎the highest loss (TOPIX: -1.8%, Nikkei 225 :-1.8%) ). Indices in ‎China (Shanghai Composite: -0.6%), Taiwan (TAIEX: -0.8%) ‎and Korea (KOSPI :-0.7%) also suffered losses. ‎