Reports

2022-09-29

Daily Market Monitor 29-09-2022

Tadawul Review:

Tadawul All Share Index (TASI) rose on Wednesday to gain ‎‎153 points (1.4%) and closed at 11,170 levels. However, gains ‎in Wednesday once again came amid intraday market ‎volatility wherein TASI pared almost gains in the initial ‎trading hour before resuming its ascent towards its day’s high ‎of +224points only to shaved off gains by almost 1/3rd in post ‎close auction. In general, all sectors closed in the green zone, ‎except for the Commercial & Professional Svc, with a slight, ‎negligible loss, while advance to decline ratio 7:1. The index ‎gains were led by Banks (+0.9%), Materials (+2%), and ‎Utilities (+4.6%) sectors, which ‎contributed to the index's rise ‎by 80 points. Stock-wise, Aramco (+1.3%) led the charge, ‎followed by ‎ACWA Power (+5.3%) and Maaden (+5.2%). The ‎trading activity witnessed an increase in the ‎volume and ‎value of trading by 3% and 10% to reach 166mn shares and ‎SAR6.7bn.‎ In the upcoming session, TASI may seek to build on ‎its current momentum given recovery in oil prices and strong ‎close to the U.S market.  ‎

 

 

Market Wrap International:

The global equity markets underwent yet another indecisive ‎session with indices in the U.S partially paring losses suffered ‎in previous session while those in Europe and Asia recording ‎one more session of losses. The latest newsflow on Apple ‎looking to roll-back plans for expansion added to other key ‎worries of the investors. U.S yield curve shifted down despite ‎trading higher in the initial [MFK1] session and provided some ‎relief. Volatility index and U.S Dollar index both receded from ‎session’s high. In the U.S, the benchmark indices rose by 1.9-‎‎2.1%, All sectors closed in the green zone in the S & P 500 ‎Index.‎

In Europe, the macro themes remained unchanged with Pound ‎Sterling coming under further pressure as the Bank of England ‎announced its latest plans to support government bond ‎sectors. The Stoxx Euro 600 Index closed in positive (0.3%) ‎after recovering from intraday low. Other markets DAX, CAC, ‎and  FTSE, exhibited similar trends.‎

The latest reports about Apple were a major drag on the ‎tech-heavy Asian market in Hong Kong (HangSeng”-3.4%), ‎KOREA (KOSPI:-2.5%) and Japan (TOPIX:-1%). Uncertainty ‎on Pound and the latest move in the U.S secondary markets ‎yields also added to investors’ concerns.‎

 

Daily Market Monitor 29-09-2022