Tadawul Review:

Tadawul All Share Index (TASI) rose on Sunday by 65 points ‎‎(+0.6%) to close at 11470 levels. TASI opened the session on ‎a positive note, up 19 points from the previous close, and ‎sustained its upward momentum. In general, 16 out of 20 ‎sectors closed in the green zone, while 143 of 223 shares rose ‎and 68 fell. Banks (+0.4%), Materials (+0.6%), and Food and ‎beverages (+1.9%) sectors contributed the most to the index ‎rise. Stockwise, Aramco (+0.4%), Saudi National Bank ‎‎(+0.8%), and Almarai (+2.0%) were the major contributors. ‎The trading activity witnessed a decrease in volume and ‎value by -28% and -23%, respectively, to reach 164mn shares ‎and SAR3.9bn in value traded.‎

 

 

Market Wrap International:

The U.S. stocks are exhibiting resilience amid mixed signals ‎from Jackson Hole, with Federal Reserve Chair Jerome Powell ‎reaffirming the Fed’s preparedness for further rate hikes if ‎needed. Yet Powell’s remarks seem to lack unanimous support ‎from the board, as Philadelphia Fed President Patrick Harker ‎signaled his preference for maintaining unchanged rates to ‎prevent additional economic pressure, while Austan Goolsbee ‎said the Fed debate is less about whether to hike rates again. ‎

In Europe, Euro-area inflation readings will provide a key data ‎point ahead of September’s highly anticipated European ‎Central Bank’s rate decision. Underlying inflation in the Euro ‎area probably only dipped a touch, which might strengthen ‎arguments for one final rate hike. ‎

In Asia, investors will continue to focus on economic data and ‎other updates from China. Any announcement of new ‎measures will have a magnified impact on investors ‎sentiments. Lowering the stamp duty on stock trades in China ‎will likely have a short-term positive impact on the market. ‎The latest statement from the BOJ governor is likely to be ‎taken positively by the market as it hints at the possibility of ‎continued ultra-loose monetary policy by the central bank.‎