Reports

2022-10-30

Daily Market Monitor 30-10-2022

Tadawul Review:

Tadawul All Share Index (TASI) declined for the third ‎consecutive session on Thursday and fell 89 points (-0.8%) to ‎close at the level of 11,710. This is due to the impact of ‎volatility in global markets. TASI started the session ‎negatively, down-18 points, and continued its decline amid ‎sharp fluctuations below the opening level. In general, 17 ‎sectors out of 20 closed in the red zone, while 63 shares rose ‎and 137 shares fell. The decline was led by the Banks (-0.3%), ‎followed by the Real Estate (-3.5%), and Materials (-0.8%) ‎sectors, which contributed to the decline of the index by a ‎total of 42 points. Amongst stocks, Saudi National Bank (-‎‎6.3%), followed by Aramco (-1.1%), and ACWA Power (-2.4%), ‎pulled the index down the most. Trading activity also ‎witnessed an improvement in the amount and value of ‎trading by +17% and +11%, respectively, to reach 187mn ‎shares and SAR6.9bn. The index may look to regain its lost ‎ground with stability in oil prices and a strong close of ‎international markets. Earnings season may alos produce ‎sector/company specific excitement.  ‎

 

 

 

Market Wrap International:

The global equity indices exhibited divergent trends on Friday ‎ahead of Fed Week amid mixed economic data. Earnings ‎seasons remained a key driver across all three regions. In the ‎U.S, the benchmark S&P 500 Index and Nasdaq Composite ‎surged by ‎‏%2.5‏‎ and ‎‏2.9‏‎%, buoyed by tech names, particularly ‎Apple (consensus beating 3Q earnings). The latest economic ‎data sent a confusing signal with the core inflation indicator ‎rising and consumer spending staying relatively unhurt. Yields ‎across various tenures in the U.S treasures surged with yield ‎on the 10-year bond settling above 4% mark.‎

In Europe, the Stoxx Euro 600 Index partially pared intraday ‎losses to close with little change. Real estate, mining and tech ‎names remained under pressure. Economic data in the major ‎countries showed relative resilience in activity despite major ‎headwinds from commodity prices and energy shortages.‎

 

In Asia, markets in Hong Kong (HangSeng: -3.7%, breached 15k ‎support) and China (Shanghai Composite: -2.2%) took ‎significant battering on the back of investors renewed concerns ‎on growth and disappointment over ongoing earnings season. ‎Tech stocks were particularly under pressure. Other notable ‎laggards in the region included Korea (KOSPI: -0.9%), Taiwan ‎‎(TAIEX: -1.1%) and Japan (Nikkei 225: -0.‎‏9‏‎%). India’s SENSEX ‎was the only outlier in the region which managed to hold onto ‎its ground.‎

 

Daily Market Monitor 30-10-2022