The Saudi stock market continued its gains during trading today, Monday, as the index rose by 1.05%, benefiting from the strong gains achieved by oil prices.
Oil extended its gains on Monday, up nearly 3%, after China’s move to reopen its borders boosted fuel demand expectations.
The rally was part of a broader push into risk appetite supported by hopes for softer increases in US interest rates, as stocks rose and the dollar weakened.
Brent crude rose $2.29, or 2.9%, to $80.86 a barrel by 11:50 GMT, while US West Texas Intermediate crude rose $2.46, or 3.3%, to $76.23.
The TASI index added 110.3 points at the level of 10647.18 points, with transactions amounting to 4.2 billion riyals, at the close of trading.
The volume of traded shares amounted to 136.6 million shares, in which the shares of 171 companies recorded an increase in their value, while the shares of 39 companies out of a total of 223 companies declined.