Saudi developer Jabal Omar bounced back to profit in 2021

RIYADH: The Saudi stock market closed the month of March higher, despite investors fretting over Russia’s war in Ukraine, and the chaos it caused on the markets, which sent oil prices on a rollercoaster ride.

While it fluctuates daily up and down, the main index, TASI, ended the month gaining 3.9 percent at 13,090, in one of the best monthly performances.

TASI also witnessed a record high as it crossed 13,000 points for the first time since 2006, amid a strong earnings season for most major players.

In what is considered the region’s most active initial public offerings market, the value of initial share sales reached as high as $3.4 billion during the first quarter of this year.

The result was driven by a flurry of listings during the month of March, led by Nahdi Medical, which was also the largest listing since Aramco. Among others were Al-Dawaa Medical Services, and Al Masane Al Kobra Mining. 

As for the parallel market, Nomu, it closed the month almost unchanged at 25,010 points.

While many investors’ moods soured amid the ongoing war, many investors feared that they would miss out on the seemingly unstoppable gains.

It’s unclear how stock prices will react during the month ahead. Market sentiment could be downbeat and subject to wild swings, as the market is filled with uncertainty.