Tadawul Review:

Tadawul All Share Index (TASI) ended Thursday's session with an ‎increase of 169 points (+1.4%), to close at the level of 11,964. ‎TASI opened the session with a slight increase (+6 points) and ‎continued the ascent through the session to end the normal ‎trading hours with +123 points. In the closing auction, TASI ‎added +45 additional points to cross the level of 11,950 and ‎close at one-month high. In general, 18 sectors out of 20 closed ‎in the green zone, while 126 shares rose and 73 shares declined. ‎Banks (+2.2%), Materials (+1.3%), and Telecom (+1.6%), the ‎heavyweight sectors for TASI, provided the push (cumulative ‎contribution: 125 points). Stock-wise, Al Rajhi Bank (+2.3%) and ‎Saudi National Bank (+2.2%) led the charge, followed by Riyadh ‎Bank (+4.6%). Trading activity witnessed an improvement in the ‎volume and value of trading by 8% and 15%, respectively, to ‎reach 141mn shares and SAR5.7bn. TASI may look to breach an ‎important psychological barrier of 12k mark given strong ‎momentum, ongoing result season and supportive backdrop of ‎international markets.  ‎

 

 

 

Market Wrap International:

The global equity indices moved in divergent directions ‎on Friday as earnings season remained in the limelight ‎ahead of the much-awaited Fed decision early next ‎month. The latest media reports on Fed calmed ‎investors' nerves on the likely peak of Fed interest rate. ‎The treasury yields in the U.S retreated from fresh multi-‎year highs along with CBOE Volatility Index and the US ‎dollar. In the U.S, the S&P 500 Index and Nasdaq ‎Composite jumped ‎‏2.4‏‎-2.3% on Friday led by financials ‎and tech stocks.‎

In Europe, the benchmark Stoxx Euro 600 Index declined ‎by 0.6% on Friday, reversing weekly gains on increased ‎political noise in the U.K and the likely policy action by ‎the central banks in the region. Investors are now ‎expecting a more hawkish interest rate decision in the ‎upcoming meeting of the ECB (due next week). FTSE-100 ‎Index up 0.4% with yield and currency in the U.K rising.‎

 

In Asia, investors were spoked by high treasury yields in ‎the U.S and continuing overhang from China's zero ‎COVID policy. Except for Shanghai Composite in China ‎‎(+0.1%) and Sensex in India (+0.2%), rest of the major ‎indices in the region dropped. HangSeng in Hong Kong (-‎‎0.4%) and Taiex in Taiwan (-1%) made major headlines. ‎HangSeng fell to its Apr-2009 low. Authorities in Taiwan ‎introduced new short-selling rules to stem the index ‎decline In Japan, Yen bounced back (+1.7%) from a 32-‎year low on intervention by authorities to stabilize the ‎currency. ‎