Reports

2023-03-26

Daily Market Monitor 26-03-2023

Tadawul Review:

Tadawul All-Share Index (TASI) closed its first session during ‎the holy month of Ramadan at +96 points (+0.9%) to close at ‎‎10,446 levels. TASI had opened the session negatively, down ‎‎16 points from the previous close, but then TASI moved in ‎reverse to start building its positive momentum for the rest ‎of the session, until it reached its intraday high at the closing ‎point. In general, 16 out of 20 sectors closed in the green ‎zone, while 110 stocks rose and 103 fell. Banks (+0.9%), ‎Materials (+0.8%), and Energy (+1.4%) sectors contributed ‎the most to the index's rise of +55 points. Stock-wise, ‎Aramco (+1.4%), Al Rajhi Bank (+1.2%), and SABIC (+2.2%) ‎contributed most to the rise of the index. The trading activity ‎witnessed a decline in the volume and value of trading by ‎‎17% and 12%, respectively, to reach 128mn shares and ‎SAR4.4bn. TASI is likely to sustain its recovery in near-term.‎

 

 

Market Wrap International:

The global equity markets moved in divergent directions on ‎Friday amid renewed concerns on the spread of banking ‎contagion in Europe, economic data in the U.S and Fedspeak. ‎The treasury yields in the U.S softened further with 2-year ‎yield settling at 3.7%, well below +4.2% levels seen in the ‎middle of the week. The hotter than expected PMI data ‎further reinforced the view of more hikes in future. The ‎reaffirmation of a possible support package for the banking ‎sector by the treasury secretary supported the financial ‎stocks, particularly First Republican Bank. The S&P 500 and ‎Nasdaq Composite managed to give positive returns of ‎‏0.6‏‎% ‎and ‎‏0.3‏‎% on Friday. ‎

In Europe, the volatility in stock price of Deutsche Bank and ‎its credit default swap kepts investors on the edge. The Stoxx ‎Europe 600 Index fell by ‎‏1.4‏‎% while other country level indies ‎also moved in the same direction. The financials and energy ‎sectors were the major drag for the index.‎

In Asia, indices absorbed the impact of overnight volatility in ‎the U.S financial stocks and were down by -0.1 | -0.‎‏7‏‎%, barrign ‎TAIEX in Taiwan which managed to close with 0.3% gains. ‎The  UDS weakness has supported the outlook of regional ‎currencies and foreign inflows in the region. ‎

 

 

 

 

 

Daily Market Monitor 26-03-2023