Reports

2022-12-11

Daily Market Monitor 11-12-2022

Tadawul Review:

Tadawul All-Share Index (TASI) closed Thursday's session with an ‎increase of +61 points (+0.6%, 10247) amid heightened intraday ‎volatility. TASI opened the session positively (+24 points), but it ‎retreated in its first hour of trading, reaching its intraday low, ‎down 96 points, briefly trading below 10100 marks. The index ‎made a strong comeback as TASI rose to reach its intraday high, ‎up 220 points from its lowest level, before paring its gains at the ‎end of the session. In general, 16 sectors out of 20 closed in the ‎green zone, while 122 stocks rose and 78 fell. Banks (+1%), ‎Materials (+1.6%), and Telecom (+0.8%) sectors contributed the ‎most to the index's rise of +63 points, while Energy (-1%) ‎dragged the index down by -8.5 points. Stock-wise, Al Rajhi Bank ‎‎(+1.4%), Maaden (+3.5%), and Saudi British Bank (+3.7%) ‎contributed most to the rise of the index. The trading volume ‎activity declined by 2% DoD to reach 113mn shares, while the ‎trading value increased by 14% DoD to reach SAR4.2bn. The ‎index may remain range bound in the next few sessions with ‎investors closely tracking volatility in oil prices and key FOMC ‎decisions.‎

 

 

Market Wrap International:

The global equity indices reacted to divergent news-flow and ‎economic data and posted a mixed performance on Friday ahead ‎of the much-anticipated FOMC decision next week. The investors ‎digested above-expected inflation reading in the U.S and ‎announcement of more incremental easing of COVID-19 ‎restrictions in China. In the U.S, the benchmark S&P 500 Index ‎and Nasdaq Composite dropped by a modest ‎‏0.7‏‎% for both of ‎them with tech, energy and healthcare being the major drags. The ‎Producers Price Index for the month of Nov-22 came in at 0.3%, ‎ahead of consensus expectations of 0.2% and has further diluted ‎the case for an aggressive tone down in Fed policy rate hikes.‎

In Europe, the Stoxx Euro 600 Index rose 0.8% as the investors ‎cheered the China re-opening. The index’s move defied the two ‎major negative currents-economic data in the U.S and growing ‎concerns on energy supplies in the energy during the peak winter ‎season.‎

In Asia, the indices moved higher as investors celebrated more ‎incremental easing of COVID-19 restrictions in China. Hang Seng ‎was the pick of the day with 2.3% gains followed by TOPIX (+1%) ‎and KOSPO (+0.8%). SENSEX in India was a sole outlier in the ‎region with a 0.6% drop for the session. The key indices in Asia ‎have posted a strong performance for the third straight week, led ‎by Hang Seng. ‎

Daily Market Monitor 11-12-2022