BoA has tracked signs of the upcoming stock market sell-off. While more expensive and at-risk stocks are set to fall, value stocks should survive.
Saudi Arabia shares rally
On Monday, Saudi Arabia shares managed to ascend after the settlement due to the fact yields in the Retail, Media & Publishing as well as Insurance sectors underpinned stocks.
The Tadawul All Share headed north by 0.12% at the close in Saudi Arabia reaching a fresh 3-years maximum.
On the Tadawul All Share, the best performers of the trading marathon were represented by Aldrees Petroleum & Transport Svcs that ascended by 6.77% concluding the trading session at 34.70.
Besides this, Saudi Cement Company inched up by about 4.60% being worth 66.00, while Bupa Arabia for Coop. Insurance rallied by 4.34% coming up with 91.40 in late trade.
As for the worst performer of the trading session, one should mention Al Andalus Property Co SJSC that headed south by 7.22% hitting 15.42 at the close. Additionally, Abdullah A. M. Al-Khodari Sons Co went down by 6.26% showing 5.39, while AXA Cooperative Insurance Company decreased by 2.80% demonstrating 26.00.
On the Saudi Arabia Stock Exchange, diving shares managed to outclass rallying ones by 84 to 83, while 22 didn’t change.
Aside from that, stocks in Aldrees Petroleum & Transport Svcs jumped to 3-years maximums, adding 6.77% reaching 34.70. Stocks in Saudi Cement Company managed to tack on to 52-week maximums, soaring by 4.60% reaching 66.00. Additionally, stocks in Bupa Arabia for Coop. Insurance soared to 52-week peaks, rallying by up to 4.34% ending up with 91.40.
June delivery crude futures slumped by 0.54% being worth $62.96 a barrel. Brent futures declined by 0.31% hitting $71.41 a barrel. As for June delivery gold futures, they shrank by 0.64% demonstrating $1280.55 a troy ounce.
The currency pair EUR/SAR jumped by 0.01% hitting 4.1822. USD/SAR gained 0.01% trading at 3.7502.
On Saturday, the US Food and Drug Administration approved Johnson&Johnson’s vaccine for emergency use against Covid-19. Will JNJ rise?
Twitter reported encouraging earnings results. Cisco's earnings beat estimates, but revenue declined for the fifth quarter in a row.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.