Local investors continue to dispose of their positions in main market Tadawul and in the local sukuk market in March 2024, while reversing their February net-buying position in the parallel market to become net sellers in Nomu last month. Meanwhile, GCC and foreign investors are holding on to their positive outlook for the local market, increasing their investments positions.

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PARALLEL MARKET NOMU-

Local investors were net sellers on Tadawul’s main market in March, with net sold positions worth SAR 371 mn, according to the Tadawul monthly ownership and trading activity report (pdf). Meanwhile, GCC investors were net buyers with net acquired positions worth SAR 229 mn and net foreign investors were also net buyers with net bought positions worth SAR 142 mn.

PARALLEL MARKET NOMU-

Nomu trading values in March 2024: Local investors were net sellers on Tadawul’s parallel market last month, with net sold positions worth SAR 139 mn. Meanwhile, GCC investors were net buyers with net acquired positions worth SAR 6.9 mn and foreign investors were also net buyers with net bought positions worth SAR 132 mn.

SUKUK / BONDS MARKET-

Local investors were net sellers in the local sukuk market, with net sold positions worth SAR 71.8 mn in March, while GCC investors were net buyers with net acquired positions worth SAR 210k and foreign investors were also net buyers with net bought positions worth SAR 71.6 mn.

THE MARKETS THIS MORNING-

Asian markets are solidly in the red this morning, with CNBC blaming poor sentiment on electric vehicles after Tesla said yesterday it had missed delivery targets. The decline in deliveries was worse than analysts had expected. Three listed Chinese automakers, including market leader BYD, led the decliners. The sea of red extends to Europe and on Wall Street, where stock futures edged down overnight.

MEANWHILE- Gold hit a record high on Monday on the back of growing expectations of the USD Federal Reserve’s interest rate cuts and the metal’s status as a safe haven asset, CNBC reports. Gold soared to a high of USD 2.29k, with the spot gold price rising 0.3% to USD 2.2k per ounce. The metal was up 1.3% this morning.

The ongoing surge in gold prices has been driven by central banks increasing their gold purchases in a bid to diversify their reserve portfolio amid heightened geopolitical tensions and accelerating inflationary pressures, market strategist at the World Gold Council Joseph Cavatoni told CNBC.

TASI

12,477

+0.4% (YTD: +4.3%)

MSCI Tadawul 30

1,589

+0.8% (YTD: +2.5%)

NomuC

26,145

-0.1% (YTD: +6.6%)

USD : SAR (SAMA)

3.75 Sell

3.75 Buy

Interest rates

6.5% repo

5.5% reverse repo

EGX30

27,934

-1.3% (YTD: +12.2%)

ADX

9,253

+0.1% (YTD: -3.40%)

DFM

4,269

+0.1% (YTD: +5.2%)

S&P 500

5,197

-0.9% (YTD: +8.8%)

FTSE 100

7,935

-0.2% (YTD: +2.6%)

Euro Stoxx 50

5,042

-0.8% (YTD: +11.5%)

Brent crude

USD 88.5

+1.3%

Natural gas (Nymex)

USD 1.87

+1.6%

Gold

USD 2,281

+1%

BTC

USD 65,422

-4.5% (YTD: +115%)

THE CLOSING BELL: TADAWUL-

The TASIrose 0.4% yesterday on turnover of SAR 7.6 bn. The index is up 4.3% YTD.

In the green: Sabic (+5.5%), Saudi Chemical (+5.4%) and Avalon (+4.9%).

In the red: Cenomi Retail (-11%), Taqat (-9%) and AlRashid (-8.1%).

THE CLOSING BELL: NOMU-

The NomuCfell 0.1% yesterday on turnover of SAR 64.3 mn. The index is up 6.6% YTD.

In the green: Lana (+4.4%), AlQemam (+4.1%) and Tadweeer (+3.4%).

In the red: Riyadh Steel (-10%), Saudi Cable (-9.9%) and Astra (-6.2%).

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