It’s crickets on Planet Finance as traders gear up for a new workweek that will see 2023 earnings season limp to a close.

Driving the conversation this week: Nvidia’s big Friday slump has folks wondering what’s in story for the chipmaker as well as fellow AI darlings TSMC, AMD, ARM, and Super Micro Computer. We’re also looking at:

  • Oil reports from both Opec and the IEA
  • Inflation figures from the US, India, and a handful of European nations

Speaking of India: Hedge funds are threatening to pull out and bulge bracket banks are getting antsy because of “controversial new rules introduced in response to last year’s short seller attack on Adani, one of the country’s biggest companies,” the Financial Times writes.

Tell us who owns what: The rules from regulator Sebi would require foreign investors with more than USD 3 bn in Indian equities to “real all their end investors.” JPMorgan, Goldman Sachs, BNP Paribas, Société Générale, and UBS all wrote to Sebi last month expressing concerns about the changes.

GLOBAL MARKETS this morning: Hong Kong’s Hang Seng is the only Asian benchmark in the green this morning (+1.4% at dispatch time) as Asian shares sagged in the first day of trading this week. The Nikkei leads the losers, down 2.2% as we prepared to hit “send” on this morning’s issue.

The look ahead: Stock futures are down slightly after the Dow posted its worst week since October 2024. European benchmarks also seem set for a soft open later today.

TASI

12,618.62

+0.3 (YTD: +5.4%)

MSCI Tadawul 30

1,603.58

+0.04% (YTD: +3.4%)

USD : SAR (SAMA)

3.75 Sell

3.75 Buy

Interest rates

6% repo

5.5% reverse repo

EGX30

32,919.95

+5.2% (YTD: +32.2%)

ADX

9,234.47

+0.1% (YTD: -3.6%)

DFM

4,253.08

+0.4% (YTD: +4.8%)

S&P 500

5,123.69

-0.7% (YTD: +7.4%)

FTSE 100

7,659.74

-0.4% (YTD: -1%)

Euro Stoxx 50

4,961.11

-0.3% (YTD: +9.7%)

Brent crude

USD 81.93

-0.2%

Natural gas (Nymex)

USD 1.83

+1.4%

Gold

USD 2,186.80

+0.1%

BTC

USD 68,660.75

+0.2% (YTD: +209.4%)

THE CLOSING BELL-

The TASI rose 0.3% yesterday on turnover of SAR 7.6 bn. The index is up 5.4% YTD.

In the green: Saudi Steel Pipe (+10%), Saudi Chemical (+9.9%) and East Pipes (+9.9%).

In the red: AlArabia (-10%), Tadawul Group (-3.9%) and SRMG (-2.8%).

CORPORATE ACTIONS-

#1- Mobily’s BoD has approved a 2.5 mn self-financed share buyback, it said in a disclosure to Tadawul yesterday. The move — which is still subject to EGM approval — falls in line with the company’s long-term incentive plan. The repurchased shares will have no voting rights, the telecom operator said.

#2- Walaa Cooperative Ins. Co is seeking Capital Market Authority (CMA) approval for a capital increase, it said in a disclosure to Tadawul yesterday. The amended rights issuance will see Walaa offer 42.5 mn ordinary shares at SAR 11 a piece to raise a total capital of SAR 467.5 mn instead of the initial recommendation of SAR 425 mn, according to the disclosure.

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