2023-09-17
Daily Market Monitor 17-09-2023
Tadawul Review:
Tadawul All Share Index (TASI) rose on Thursday by +32 (+0.3%) to close at the 11,155 level. TASI opened the session on a positive note of 10 points and continued the session around its opening level before making a significant jump of 38 points in the closing auction to close at its intraday high. In general, 10 out of 20 sectors closed in the green zone, while 89 of 223 shares rose and 128 fell. Energy (+1.4%), Banks (+0.1%), and Utilities (+0.8%) sectors contributed the most to the index rise. Stockwise, Aramco (+1.5%), Al Rajhi Bank (+0.9%), and ACWA Power (+1.6%) were the major contributors. The trading activity remained unchanged with 234mn, while the value increased by 16%, to reach SAR7.4bn in value traded.
In the U.S, the equities ended the week on a negative note, with chipmakers dropping due to concerns about weak consumer demand. An unprecedented automotive sector strike and a significant $4-trillion options event led to a substantial stock market sell-off on Friday. The S&P 500 edged down by -1.2% with all of the eleven listed sectors falling and the Nasdaq composite was also negative by -1.6%. The yields on 2-10-year tenures rose by 2.1 |4.8bps.
In Europe, shares notched weekly gains on Friday as investors found comfort in the signals suggesting that the European Central Bank is reaching the end of its interest rate hike cycle. The Stoxx Europe 600 edged up by 0.2% and The FTSE 100 index gained by (0.5%) . The country-level indices moved in the same direction, positively, in a range (0.6%|1.0%). Attention will now turn to upcoming central bank meetings as the U.S. Federal Reserve and the Bank of England prepare to announce their rate decisions in the next week.
In Asia, stocks were positive as data showed that China's factory output and retail sales experienced accelerated growth in August, indicating signs of stabilization in certain sectors of the fluctuating economy. The Chinese indices ended the week by (Shanghai Composite: -0.3%, Hang Seng: +0.7%) while the benchmarks in Japan showed a positive performance (Topix: +0.9% |NIKKEI 225: 1.1%). Other major indices within the region were positive within a range of (0.5|+1.1).
Daily Market Monitor 17-09-2023
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