🇸🇦 Saudi Arabia (TASI)
Current State: Controlled consolidation near highs
Drivers:
- Oil holding near key fiscal levels
- Strong government spending pipeline
- Stable domestic liquidity
Constraints:
- Global liquidity conditions
- Foreign investor selectivity
Read:
TASI remains structurally supported, but tactically capped.
➡️ A defensive outperformer, not a momentum market
🇯🇵 Japan (Nikkei 225)
Current State: Strong but increasingly fragile at the margin
Drivers:
- Weak yen boosting exporters
- Continued earnings resilience
- Ongoing equity inflows
Risks:
- USD/JPY above 160 raises intervention risk
- Sensitivity to Bank of Japan policy shifts
Read:
Japan remains one of the strongest markets globally, but:
➡️ It is now policy-dependent more than fundamentally expanding
Any shift from the Bank of Japan could quickly change positioning.
🇨🇳 China & Hong Kong
Shanghai Composite: Stabilizing
Hang Seng: Still lagging structurally
Drivers:
- Incremental policy support
- Valuation attractiveness
- Tactical domestic flows
Challenges:
- Weak consumer demand
- Property sector drag
- استمرار تردد المستثمر الأجنبي
Read:
China is in a managed stabilization phase, not a recovery cycle.
➡️ Flows are short-term and tactical, not long-term conviction-based