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Chinese stocks rally on hopes of regulatory changes: After a turbulent few months that pushed China’s main indices to five-year lows, the country’s benchmark CSI 300 had its best day since late 2022, Bloomberg reports. The rally was fueled by hopes that authorities could introduce more significant support measures that would help the country’s slumping market following reports that Chinese regulators would brief Chinese President Xi Jinping on the market.
Remember: 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.
HAPPENING NOW- Asian benchmarks are largely in the green this morning as investors welcome broadly positive earnings as results season grinds on. Futures suggest we can expect more of the same when European and North American markets open later today.
ALSO WORTH NOTING-
#1- OQ preps to IPO two units: Omani state energy firm OQ wants to list its explorationand production and its methanol and liquefied petroleum gas units, having already invited banks to apply for roles within the IPOs. (Bloomberg)
#2- Samsung boss acquitted of financial crimes: Chairman of the South Korean electronics giant, Jay Y Lee, was found not guilty of allegations of fraud and stock manipulation related to a 2015 merger by a Korean court. (Reuters)
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TASI |
12,071.41 |
+0.4% (YTD: +0.9%) |
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MSCI Tadawul 30 |
1,561.13 |
-0.01% (YTD: +0.7%) |
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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 |
27,270.63 |
-1.4% (YTD: +9.6%) |
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ADX |
9,332.07 |
-1% (YTD:- 2.6%) |
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DFM |
4,153.74 |
-1.8% (YTD: +2.3%) |
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S&P 500 |
4,954.23 |
+0.2% (YTD: +3.9%) |
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FTSE 100 |
7,681.01 |
+0.9% (YTD: -0.7%) |
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Euro Stoxx 50 |
4,690.87 |
+0.8% (YTD: 3.8%) |
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Brent crude |
78.59 |
+0.8% |
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Natural gas (Nymex) |
2.00 |
-0.5% |
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Gold |
2,051.80 |
+0.02% |
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BTC |
43,152.40 |
+1.7% (YTD: +84.9%) |
THE CLOSING BELL-
The TASI rose 0.4% yesterday on turnover of SAR 9.4 bn. The index is up 0.9% YTD.
In the green: Saudi German Health (+9.9%), Alhammadi (+7.9%) and 2P (+7.3%).
In the red: Albaha (-6.7%), BSFR (-5.4%) and GIG (-3.7%).
CORPORATE ACTIONs-
Banque Saudi Fransi’s board of directors has proposed a dividend of SAR 1 per share for eligible shareholders for 2H 2023, the bank said in a disclosure to Tadawul yesterday. BSF had distributed SAR 0.95 / share for the first half of the year.
Arab National Bank’s board of directors agreed to distribute dividends of SAR 0.7 per share to eligible shareholders for 2H 2023, with payments to be made on 25 February, it said in a disclosure to Tadawul.
