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Investors seem to be giving up on China’s stock market: Over 40% of investors surveyed at a Goldman Sachs conference in Hong Kong last week think that Chinese equities are “uninvestable,” despite authorities vowing “forceful” measures to stabilize its falling stock market, the Financial Times reported yesterday.
The measures: The country’s Securities Regulatory Commission said on Sunday that it would introduce more medium- and long-term funds and would crack the whip on short selling and insider trading. This came two days after the benchmark CSI 300 fell 3.4%, Bloomberg wrote.
Triggering the sell off: Chinese and Hong Kong stocks have shed USD 6 tn in value since their peak in February 2021 amid the country’s economic slowdown, spiraling property crisis, and cooler relations with the US.
Leading Asian benchmarks are in the red in early trading this morning as traders digest worries about Chinese stocks and Jay Powell’s remarks that the Fed will be “cautious” when it comes to rate cuts. They’re also looking forward to the Luna New Year holiday, which runs 10-17 February — and which often sees retail investors sell down positions to have more cash available for the break. Futures suggest stocks on Wall Street and in Europe will follow suit at the opening bell later today.
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TASI |
11,962.72 |
+0.4% (YTD: -0.04%) |
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MSCI Tadawul 30 |
1,553.52 |
+0.4% (YTD: +0.2%) |
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USD : SAR (SAMA) |
3.75 Sell |
3.75 Buy |
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Interest rates |
6% repo |
5.5% reverse repo |
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EGX30 |
27,573.50 |
-3% (YTD: +10.8%) |
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ADX |
9,456.25 |
-0.1% (YTD: -1.3%) |
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DFM |
4,228.74 |
+0.2% (YTD: +4.2%) |
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S&P 500 |
4,958.61 |
+1.1% (YTD: +4%) |
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FTSE 100 |
7,615.54 |
-0.1% (YTD: -1.5%) |
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Euro Stoxx 50 |
4,654.55 |
+0.3% (YTD: +2.9%) |
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Brent crude |
77.33 |
-1.7% |
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Natural gas (Nymex) |
2.08 |
+1.4% |
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Gold |
2,053.70 |
-0.8% |
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BTC |
42,579.46 |
-1% (YTD: +81.6%) |
THE CLOSING BELL-
The TASI rose 0.4% yesterday on turnover of SAR 4.8 bn. The index is down 0.04% YTD.
In the green: MBC Group (+9.8%), Chemical (+9.5%) and Saudi German Health (+5.4%).
In the red: Ades (-2.9%), Atheeb Telecom (-2.5%) and Arabian Drilling (-2.1%).
CORPORATE ACTIONS-
Ataa Educational shareholders are getting their SAR 1.1 / share dividends in their bank accountsstarting Sunday, 11 February, the company said in a disclosure to Tadawul yesterday.
Maharah Human Resources’ EGM approved lowering the stock’s nominal value to SAR 1 from SAR 10 as per its board’s recommendation. The move brings the company’s total number of shares to 475 mn from 47.5 mn, it said in a disclosure to Tadawul.
Alkhabeer Diversified Income Traded Fund will distribute dividends of SAR 0.29 per unitfor the July-December period, it said in a disclosure to Tadawul.
