Tadawul Review: 

Tadawul All Share Index (TASI) closed negatively on Sunday’s ‎session by -44 points (-0.4%) to close at 11,348 levels. TASI ‎opened the session positively, by 49 points from the previous ‎close, but the momentum lost steam soon with a gradual ‎decline in the index. In general, 10 out of 20 sectors closed in ‎the red zone, while 106 stocks fell and 99 rose. Banks (-‎‎0.5%), Telecom (-2.1%), and Utilities (-1.8%) sectors ‎contributed the most to the index's 36-point fall. Stockwise, ‎ACWA Power (-2.3%), Saudi Telecom (-1.6%), and Saudi ‎National Bank (-0.8%) contributed the most to the fall of the ‎index. The trading activity witnessed a decline in volume and ‎value by -31% and -27%, respectively, to reach 154mn shares ‎and SAR4.5bn in value traded. The index is likely to make ‎more sideways moves in near-term.‎

 

 

 

 

 Market Wrap International:

The global equity markets are likely to move sideways in the ‎near-term. With the Mar-end result season coming to a close, ‎concerns over persistent inflation expectation, possibility of ‎further rate hike and fears of  recession may take center ‎stage. The markets are likely to be more data dependent. Key ‎areas of interest include economic activity (GDP, LSM, trade), ‎inflation and labor market. In the U.S, the investors will also ‎look out for the progress on the debt ceiling. The inflation ‎expectation data released last week may reverberate in the ‎early part of this week too.‎

In Europe, the inflation reading for the region, the U.K ‎employment data and updates on economic activity in ‎Germany will be the center of attention for the upcoming ‎week. The comments from the central officials post hikes in ‎rates by both ECB and BoE will take added importance.‎

In Asia, the economic data in China and Japan will likely serve ‎as a reality test for the market views on recovery in the ‎former and easing of inflationary pressure in Japan. The ‎investors are broadly expecting authorities in China to roll out ‎more measures aimed at further stabilizing the recovery path. ‎In Japan, inflation data is likely to bring back discussion on the ‎viability of continuation of current ultra loose monetary ‎policy.  ‎‎