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Saudi Stock Market Continues to Rise

Saudi Stock Market Continues to Rise

Tuesday, 2 August, 2022 - 08:30
A view shows vehicles driving on a street in Riyadh, Saudi Arabia (Reuters)

The central Saudi Stock Exchange Market (Tadawul) continued to record weekly and daily gains, as the general index’s Monday transactions showed a 1.2 percent increase, closing at 12,339 points, up by 140 points, the highest closing in 90 days.

Tadawul’s total transactions amounted to $2.02 billion.

The primary Saudi market saw an increase for the fifth consecutive session, during which it scored 465 points, despite fears that traders would limit their liquidity transactions at a time when regional central banks, including Saudi Central Bank (SAMA), are expected to raise their interest rates following the increase in the US Federal Reserve.

The energy, banking, and petrochemical sectors pushed the general index, especially the Saudi Aramco share, which rose by one percent, and the shares of al-Rajhi Bank and SABIC. These are companies that have a direct impact on the general index of the market.

Meanwhile, the Saudi Parallel Market (Nomu) closed its transactions up 110.77 points, reaching 21,502.33 points, with transactions worth $15 million, as the volume of traded shares amounted to more than 680,000 shares over 2353 deals.

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