Tadawul Review:

Tadawul All-Share Index (TASI) declined on Monday by -49 ‎points (-0.4%) to close at 11,197 levels, the lowest close since ‎September 29, 2022 (33 trading days). TASI began the ‎session on a muted note (-13 points), but quickly came under ‎selling pressure and hit an intraday low in the first hour of ‎trading at 154 points from the previous close. After that, ‎TASI started to recover and compensated its losses to record ‎its intraday high level, trimming all losses (0 points). However, ‎TASI could not hold its ground for long and retreated to close ‎lower. In general, 13 of the 20 sectors closed in the red zone, ‎while the advance to decline ratio was at 1:1. Energy (-1.8%), ‎Banks (-0.3%), and Materials (-0.4%) sectors contributed the ‎most to the decline in the index by a total of 36 points. ‎Among stocks, Aramco (-1.9%), Saudi National Bank (-3%), ‎and Maaden (-1.9%) pulled the index down the most. The ‎volume of trading activity witnessed an increase of 16% to ‎reach 139mn shares, while the trading value declined by 15% ‎to reach SAR5.7bn. TASI is consolidating above its key ‎support area around 11k mark. The index may show more ‎sideways moves before finding a definite direction. ‎

 

 

Market Wrap International:

The global equity indices exhibited mixed trends on Monday ‎following a strong two-day rally last week. The Fed Speak, the ‎U.S-China relationship and China recent measures for ‎property sectors emerged as key drivers for the global indices. ‎In the U.S, the benchmark indices fluctuated around the ‎previous close with the latest statements from the Fed officials ‎and the latest survey on inflation expectation showing a rising ‎trend diluting the market’s exuberance on the below-‎expected CPI print last week. The treasury yields climbed ‎back by 6-7bps across tenures. At session close, the S&P 500 ‎and Nasdaq Composite Index declined by ‎‏0.9‏‎% and ‎‏1.1‏‎% ‎respectively. The calendar for economic data release is ‎relatively heavy this week with major skew towards retails ‎sales, PPI and housing market.‎

In Europe, the benchmark Stoxx Euro 600 Index eked out a ‎small gain of 0.1% , paring intraday gains of 0.8% at session ‎close.  The investor took a cue from data release in the U.S, ‎newsflow over the economic plans of the new government in ‎the U.K and expectations regarding important data release ‎due later this week. Country level indices gave relatively ‎stronger performances on Monday with DAX (+0.6%), FTSE-‎‎100 (0.9%) and CAC40 (+0.2%) closing higher.‎

The major Asian equity indices moved in divergent trends. The ‎relaxation measures announced by Chinese authorities for the ‎property sectors helped HangSeng (+1.7%) in Hong Kong ‎sustain its positive momentum though the benchmark index in ‎mainland China, Shanghai Composite (-0.1%) remained muted. ‎TAIEX (+1.2%) in Taiwan was another major gainer in the ‎region, primarily due to easing geopolitical tensions between ‎the US and China. Indices in Japan (TOPIX: -1.1%), South ‎Korea (KOSPI: -0.3%) and India (SENSEX: -0.‎‏3‏‎%) closed in ‎red. ‎