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FinancialNews
27-09-22
TASI closes Monday’s session reaching under 11K due to oil declines, recession fears
(MENAFN) Saudi Arabia’s benchmark index fell under 11,000 points for the initial time in almost nine months due to decreasing oil costs as well as international recession worries.
The Tadawul All Share Index slid 2.26 percent at the closing of Monday’s exchange, standing at 10,909 for the initial time since the 12th of December, whereas the similar market Nomu saw a fall of 0.84 percent to 19,708.
“The markets are likely to continue to be volatile and in jittery mode until inflation is under control.” Fawaz Al-Fawaz, a Saudi-based independent economist and columnist informed Arab News.
Oil costs dropped to sub-USD85 for the initial time since the begging of the year, hot on the heels of hawkish interest rate increase through the globe, such as by the US Federal Reserve as well as the Saudi Central Bank.
The market decline was driven by a 2.85 percent decrease in oil behemoth Saudi Aramco in addition to a 3.92 percent fall in the nation’s highest esteemed bank Al Rajhi.
MENAFN27092022000045014228ID1104930162
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