Saudi stock index posts biggest quarterly drop in 2 years, reducing market cap to $3tn

RIYADH: The Saudi benchmark suffered its biggest quarterly loss in nearly two years, triggered by rising interest rates and inflation risks that pushed the stock market in bear market territory.

Saudi Arabia’s Tadawul All Share Index fell by 12 percent in the second quarter of 2022 from the previous quarter, ending the quarter at 11,523 points, according to statistics released by the Capital Market Authority.

This decline marks the first time for TASI to decline on a quarterly basis since the COVID-19 pandemic devastated the index during the first quarter of 2020.