Tadawul Review:

Tadawul All-Share Index (TASI) declined by -79 points (-‎‎0.7%) on Wednesday to close at 11,407 levels, the lowest ‎since mid-October. The decline in the price of Brent crude oil ‎pulled the TASI down on Wednesday. TASI opened the ‎session negatively at lower levels, down 19 points from the ‎previous close, and continued its decline for the rest of the ‎session. TASI was trading in the 109-point range. In general, ‎‎16 sectors out of 20 closed in the red zone, while 73 rose and ‎‎131 shares declined. Energy (-1.7%), Materials (-0.8%), and ‎Utilities (-3%) sectors contributed the most to the decline in ‎the index by a total of 37 points. Among stocks, ACWA ‎Power (-4.2%), Saudi National Bank (-1%), and SABIC (-1.1%) ‎pulled the index down the most. Trading activity also ‎witnessed a decline in volume and value by 18% and 19%, ‎respectively, to reach 120mn shares and SAR4.8bn. The index ‎has come close to levels where it had earlier taken support. ‎The index may move sideways in near-term.‎

 

 

Market Wrap International:

The global equity markets retreated on Wednesday ahead of ‎much-anticipated CPI data release in the U.S. The midterm ‎elections in the U.S produced a thin but largely expected ‎majority for the Republicans in the lower house, further ‎substantiating investors’ fears of possible challenges in passage ‎important legislations (debt ceiling, corporate tax etc) for the ‎ruling party. The economic data and growing number of ‎COVID-19 cases in China were also in focus. In the U.S, the ‎benchmark indices dropped by 2% and -2.5% with led by ‎Energy and Consumer Discretionary. The treasury yields ‎reversed the decline while dollar index further retreated.‎

In Europe, the Stoxx Euro 600 Index snapped a three-day ‎rally and dropped by 0.3% at session close. Investors also ‎closely tracked newsflow on fiscal plans to be presented on ‎‎17th Nov by the new government in U.K and economic data in ‎the region. Euro and Pound remained steady despite higher ‎treasury yields in the U.S. ‎

In Asia, equity markets in Hong Kong (HangSeng: -1.2%) and ‎China (Shanghai Composite: -0.5%) once again gave up recent ‎gains on growing concerns on increasing COVID cases and ‎latest inflation data in China. Tech heavy indices like Korea ‎‎(KOSPI: +1.1%), Taiwan (TAIEX: +2.2%) outperformed the ‎region. Indices in Japan (TOPIX: -0.4%) and India (SENSEX: -‎‎0.2%) recorded modest losses.  ‎