Tadawul Review:

Tadawul All-Share Index (TASI) closed higher for the third ‎consecutive day on Thursday, achieving +42 points (+0.4%) to ‎close at the level of 10,290. During Thursday's session, TASI ‎tends to fluctuate, with market activity ranging between 113 ‎points. TASI had a shaky start to the session before turning ‎positive in the early trading hours and reaching an intraday ‎high of +47 points. However, TASI was under selling pressure ‎until it hit an intraday low of -66 points but it quickly ‎rebounded by 109 points from its lowest point. In general, 16 ‎out of 20 sectors rose, while 149 stocks advanced and 51 ‎declined. Utilities (+3.7%), Materials (+0.7%), and Insurance ‎‎(+2.8%) sectors contributed the most to the index's rise of ‎‎+25 points. Stock-wise, ACWA Power (+5.2%), Saudi National ‎Bank (+0.9%), and Banque Saudi Fransi (+2.6%) contributed ‎most to the rise of the index. The trading volume activity ‎declined by 33% DoD to reach 232mn shares, while the ‎trading value increased by 29% DoD to reach SAR6.7bn. TASI ‎is likely to show more volatile behaviour in the next few ‎sessions. The unexpected hawkish tone of global central ‎banks in the oliy decision announced over the weekend, the ‎drop in commodity prices and volatility in international equity ‎benchmarks will likely weigh on TASI near-term ‎performance. ‎

 

 

Market Wrap International:

The global equity markets reeled from back-to-back negative ‎surprises from the central banks (Fed, ECB, BoE). The risk-off ‎mode amid hawkish guidance from the central banks on the ‎likely future path of interest rates set in and estimated to ‎have eroded over USD1.1trn from S&P 500 Index’ market ‎capitalization in merely two sessions. The near-term yields ‎have risen, the USD index has recovered some ground, and ‎commodities have partially given away recent gains. In the ‎U.S, the S&P 500 Index closed with -1.1% loss on Friday, to ‎settle at 3852. All eleven listed industrial groups were ‎negative. Other benchmarks too suffered losses with Nasdaq ‎Composite and Dow Jones dropping by -1.0% and -0.8%%.‎

In Europe, the equity benchmarks charted a similar trajectory ‎with the benchmark Stoxx Euro 600 Index falling by another ‎‎1.2% on Friday, following a massive 2.8% drop on Thursday. ‎Country level indices too recorded losses (FTSE100:-1.3%, CAC ‎‎40:-1.1% , DAX:-0.7%).‎

The Asian markets also went through the downside volatility, ‎baring Hang Seng (+0.4%), the only major index to record ‎gains, and Shanghai Composite and KOSPI (unchanged). The ‎reduced risk of delisting for U.S listed Chinese stocks, along ‎with recent official statements hinting at fresh support ‎measures for the property sector, buttressed the markets in ‎China and Hong Kong. The other major indices were down by ‎‎0.7-1.4%.‎