Reports

2023-04-03

Daily Market Monitor 3-04-2023

Tadawul Review:

Tadawul All-Share Index (TASI) rose for the seventh straight ‎session on Sunday and added ‎another +47points (+0.4%) to ‎close at 10,637 levels. TASI opened the session positively and ‎gradually rose to its intraday high of 100 points before pulling ‎back in the post auction session. In general, 15 out of 20 ‎sectors closed in the green zone, while 161 ‎stocks rose and ‎‎47 fell. Materials (+1.2%), Bank (+0.4 %), and Financials ‎‎(+4.3%) are the sectors that contributed the most to the ‎index's rise of +51 points. SABIC (+1.7%), Al Rajhi Bank (+0.3 ‎‎%), and Bank ALBilad (+2.0%) contributed most to the rise ‎of ‎the index. The trading activity witnessed declines in volume ‎and value by -18% and -17%, ‎respectively, to reach ‎‎178mn ‎shares and SAR5 bn. The index is likely to extend the rally ‎with positive newsflow on oil prices. ‎

 

 

 

Market Wrap International:

The global equity markets are likely to enter in a phase of ‎consolidation over the next few sessions with investors fully ‎digesting the recent economic data and newsflow on ‎corporate restructuring. The investors will likely search for ‎clues for a possible case of softening gin inflation pressure and ‎the ease in the labor market, particularly in the U.S before ‎turning the focus on the upcoming earning season for Mar-end ‎period. The OPEC+ countries are also due to meet early next ‎week to decide on a possible cut in production. In the U.S, ‎economic data for the upcoming week is concentrated on ‎labor market and manufacturing activity. A soft labor market ‎report may make a case for an early peak in rate and possible ‎pivot later in the year though a negative surprise may result in ‎heightened market reaction given gains in the past few ‎sessions.‎

In Europe, the focus will likely be on German manufacturing ‎data and comments from the central bankers on future rate ‎decisions. The latest merger of UBS and Credit Suisse has ‎drawn more public scrutiny after the newsflow of possible ‎layoff of 1/3rd workforce.‎

 

In Asia, trading will likely be impacted by national holidays in ‎different markets. Overall, major markets have closed the last ‎month on a positive note and may look to sustain the ‎momentum. To this end, PMI data in China, India, and Korea ‎for Mar, remain important. ‎

 

Daily Market Monitor 3-04-2023