2023-10-11
Daily Market Monitor 11-10-2023
Tadawul Review:
Tadawul All Share Index (TASI) rose on Tuesday’s session snapping an eight-session losing streak, up by +65 points (+0.6) to close at the 10,640 level. TASI opened on a positive note of +42 points and maintained an upward trajectory. However, it experienced a significant drop of 85 points in the middle of the session before recovering towards the end. Overall, 13 out of 20 sectors closed in the green zone, while 67 shares rose and 150 fell. Banks (+0.7%), Energy (+1.1%), and Telecom (+1.0%) sectors contributed the most to the index’s rise. Stockwise, Aramco (+1.2%), Riyad Bank (+5.1%), and ACWA Power (+2.9%) were the major contributors. The trading activity witnessed an increase in volume by +13% to reach 219mn shares, while the value declined by -2% to reach SAR4.9bn in value traded.
In the U.S. markets, stocks rallied as oil prices eased on Tuesday, pulling back after a substantial surge of over 4% in the previous session. The risk sentiment improved and bond yields rebounded while investors awaited the U.S. inflation data due later this week. The S&P 500 ended on a positive note by 0.5%, with ten out of eleven listed sectors rising, and the Nasdaq Composite rose by 0.6%. The gold prices softened on Tuesday after a significant increase in the previous session as traders monitored supply disruptions amid Israel-Hamas clashes.
In Europe, the Stoxx Europe 600 was up by +2.0%, benefiting from a drop in bond yields. In the UK, the FTSE-100 index closed on a positive note by +1.8%. The Federal Reserve officials' comments on Monday indicating that further interest rate increases may be unnecessary contributed to the increased interest in equities.
In Asia, stocks rose, on course for their biggest daily gain since July, with the expectation that China is considering a fresh round of stimulus for its economy. The Chinese indices (Shanghai Composite: -0.7%, Hang Seng: +0.8%), while the benchmarks in Japan showed a positive performance (Topix: +2.1%, Nikkei 225: +2.4%). The Korea index (KOSPI) was down by -0.3%, while the India index (SENSEX) was up +0.9%.
Daily Market Monitor 11-10-2023
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