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FinancialNews


  • 20-09-22

    Saudi share markets decline due to recession fears, looming interest rate hikes at Monday’s close

    (MENAFN) Saudi Arabia’s benchmark index carried on its declining throughout a week overwhelmed by inflation fears, approaching interest rate hikes, as well as financial warning signs.

    The Tadawul All Share Index decreased 1.09 percent to close Monday at 11,446, whereas the similar market Nomu fell 1.73 percent at 20,230.

    Saudi oil giant Aramco fell 0.69 percent, whereas the Saudi National Bank, the nation’s biggest lender, dropped 2.51 percent.

    Al Rajhi Bank was 1.28 percent lower, after it gained the Saudi Central Bank's acceptance to finish the process of surging it shares in Al Rajhi Co. for Cooperative Insurance to 35 percent.

    Jazan Energy and Development Co. slipped 2.21 percent, after declaring the hiring of Mohammed Al-Resheid as chief executive, operative on the first of November, 2022.

    East Pipes Integrated Co. for Industry lost 0.44 percent, after inviting its stockholders to vote to surge its capital by 50 percent to SR315 million (USD84 million).

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