2023-10-31
Daily Market Monitor 31-10-2023
Tadawul Review:
Tadawul All Share Index (TASI) rose for the second day on Monday, up by 53 points (+0.5) to close at 10,536 levels. TASI started the session positively, gaining 18 points, and continued to rise, reaching an intraday high of 143 points in the middle of the session, but eventually retreated and closed lower by the end. Overall, 16 out of 20 sectors closed in the green zone, while 156 shares rose and 61 fell. Food and beverages (+3.1%), Insurance (+4.1%), and Health care equipment and services (+3.5%) sectors contributed the most to the index's rise. Stockwise, Almarai (+4.6%), Sulaiman Al Habib (+5.5%), and Bupa Arabia (+5.7%) were the major contributors. The trading activity witnessed an increase in volume and value of +46% and +63%, respectively, to reach 172mn shares and SAR4.9bn in value traded.
in the U.S stocks, as the new week begins, The S&P 500 edged up by +1.2%, with all of eleven listed sectors rising. The Nasdaq Composite also rose by +1.2%. setting the stage for a week dominated by the Federal Reserve. However, while incoming third-quarter earnings seem like a mixed bag, the aggregate actually looks quite impressive. The U.S. 10-year Treasury yields held steady at 4.85% - well below the 5% threshold they breached last week with a retreat in crude oil
In Europe, The Stoxx Europe 600 was up by +0.4% as Germany's economy contracted slightly in Q3 due to weak purchasing power and elevated interest rates continuing to burden the largest economy in Europe. In the UK, the FTSE-100 index closed up by +0.5%, bolstered by HSBC’s third-quarter results and a $3 billion share buyback announcement. The country-level indices closed within( CAC:0.4% and DAX: by +0.2%).
In Asia, Despite weak corporate earnings taking center stage, stocks managed to rise despite concerns over high US interest rates, geopolitical tensions, and China's economy. Chinese indices were up (Shanghai Composite: +0.1%, Hang Seng: +0.04%). The benchmarks in Japan showed a negative performance with both of Topix: and Nikkei 225 by -0.1%, The other major indices were positive within a range of +0.1% to +0.5%.
Daily Market Monitor 31-10-2023
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