Reports

2023-04-30

Daily Market Monitor 30-04-2023

Tadawul Review: 

Tadawul All-Share Index (TASI) closed Thursday’s session ‎down by 36 points (-0.3%) to settle at 11271 levels, TASI ‎opened the session negatively  down  by 29 ‎points from the ‎previous close.  Al Rajhi Bank contributed the most to the ‎index decline, decreasing 1.7% while Anaam International ‎Holding Group Co. suffered the largest drop, falling 5.2%. In ‎general, 12 out of 20 sectors closed in the red zone, while ‎‎113 ‎stocks fell and 96 rose. Banks (-0.8%), Materials (-1.0%), ‎and Capital goods (-1.2%) sectors contributed the most to ‎the index's fall of -45 points. Stock-wise, AlRajhi Bank (-‎‎1.7%), Sabic (-1.6%), and Saudi National Bank (-0.7%) ‎contributed most to the fall ‎of the index. The trading activity ‎witnessed a decline in volume and value by -15% and -8% ‎respectively, to reach 208mn shares and SAR6.3 bn in value ‎traded. TASI is likely to consoldiate its recent gains and may ‎start moving sideways in the next few sessions. ‎

 

 

 

Market Wrap International:

The global equity markets closed the month of April on a positive ‎note bolstered by a flurry of positive earnings surprises, favorable ‎economic data and policy decisions. In the U.S, the S&P 500 Index ‎and Nasdaq Composite Index rose 0.8% and 0.7% on Friday. Barring ‎Utilities and Consumer Discretionary, the rest of the sectors on the ‎S&P 500 Index recorded positive closing. The Fed’s favorite inflation ‎indicator, Core PCE Inflation, moderated further though the overall ‎reading came in-line with market expectation. The investors decided ‎to overlook concerns around First Republican Bank. ‎

In Europe, the Stoxx Europe 600 Index rose 0.6% on Friday. Strong ‎results, coupled with economic data on GDP indicating the region ‎has technically avoided falling int recession in 1Q23, have helped ‎the investors sidestepped concerns on inflation and possible ‎further  hike in interest rates. The country level indices moved ‎higher.‎

 

In Asia, the Bank of Japan’s decision to continue its ultra-loose ‎monetary policy, alongwith renewed commitment by Chinese ‎authorities to support the economic recovery, kept the sentiment ‎positive. The positive earnings surprises in tech names in the region ‎also weighed on. The major benchmarks in the region rose by 0.2-‎‎1.4% with Nikkei 225 (+1.4%) and Shanghai Composite (+1.1%) being ‎the major outperformers. ‎

 

Daily Market Monitor 30-04-2023