TASI rallies 2% spurred by Saudi GDP hike: Closing bell

Follow-ups -eshrag News:

Wed, 2022-03-16 16:07

RIYADH: The Saudi stock market rose on Wednesday, boosted by news that the gross domestic product of the Kingdom grew by 3.2 percent in 2021, while oil prices continued their decline.

The possibility of a ceasefire between Russia and Ukraine prompted oil prices to drop. Brent crude hit $100.23 per barrel, while West Texas Intermediate traded at $97.07.

As of the closing bell, the main index, TASI, climbed 2 percent to reach 12,656, and the parallel market, Nomu, rose 1.19 percent higher to reach 24,726.

The top gainers were Saudi Arabian Mining Co., or Ma’aden, with a gain of 9.91 percent, and Etihad Etisalat Co., Mobily, with a gain of 9.88 percent.

In the financial sector, the Saudi National Bank edged up 0.44 percent, and Saudi Arabia’s largest valued bank Al Rajhi rose 1.85 percent.

Saudi Electricity Co. continues leading the fallers with a decline of 9.92 percent, despite a 375 percent jump in profits in 2021.

The shares of Saudi Aramco, the largest player on the Saudi oil market, climbed 5.81 percent.

Main category: 
Business & Economy
Saudi Arabia
Stock Market

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