2023-10-17
Daily Market Monitor 17-10-2023
Tadawul Review:
Tadawul All Share Index (TASI) rose on Monday’s session, up by +79 points (+0.8) to close at the 10,622 level. The session opened on a negative note of -10 points, but it started to rise throughout the session to close at its intraday high. Overall, 14 out of 20 sectors closed in the green zone, while 148 shares rose and 67 fell. Banks (+0.8%), Utilities (+3.9%), and Telecom (+1.8%) sectors contributed the most to the index’s rise. Stockwise, ACWA Power (+6.0%), Savola (+9.9%), and Saudi Telecom (+2.8%) were the major contributors. The trading activity witnessed an increase in volume and value of +17% and +33%, respectively, to reach 179 shares and SAR5.1bn in value traded.
For the global equity markets, the markets are on edge as Middle East tensions escalate, with the U.S. crude hovering around $87 per barrel and being highly sensitive to the risk of a wider regional war. In the U.S., the S&P 500 ended on a positive note by +1.1%, with all of eleven listed sectors rising, and the Nasdaq Composite rose by +1.2%. Any escalation could trigger more shocks in the next few sessions, reigniting fears of both inflation and economic demand.
In Europe, stocks advanced on Monday as investors geared up for the upcoming earnings season. The Stoxx Europe 600 was up by +0.2%, with miners and energy stocks leading gains. In the UK, the FTSE-100 index closed up by +0.4%, and the country-level indices closed at +0.3%.
In Asia, the equities experienced a downturn as a sell-off in semiconductor stocks amplified negative sentiment, further compounded by the ongoing conflict in the Middle East. The Chinese indices were negative (Shanghai Composite: -0.5%, Hang Seng: -1.0%). In Japan, the Topix and Nikkei 225 also performed negatively, mainly due to the impact on tech stocks, with a decrease of 1.5% and 2.0% respectively. Other country indices also moved downwards, ranging from -0.8% to -0.2%.
Daily Market Monitor 17-10-2023
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