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  • 01-09-22

    TASI ends August on higher note regardless of worldwide financial recession

    (MENAFN) The Saudi benchmark index, TASI, closed with higher figures for a second month in row, challenging a global financial recession sparked by inflation and surging interest rates.

    The Tadawul All Share Index closed August earning 0.69 percent to hit 12,283 at the ending bell of Wednesday's session.

    The index was driven by a sustained increase in crude prices, which stayed higher than USD100 a barrel for almost a week.

    The rise was mainly motivated by a 15.52 percent leap in Public Investment Fund's digital security company Elm, which was the highest monthly gainers' list.

    Saudi pharma operator Nahdi ticked higher 9.39 percent for the month, whereas its competitor Aldawaa Medical Services Co. earned 3.65 percent.

    Bank Albilad outdid all other banks throughout the month, earning 4.4 percent, shadowed by Al Rajhi, the Nation’s biggest valued bank, which earned 1.91 percent.

    Saudi National Bank, the Nation’s biggest lender, witnessed its share price increase a bit by 0.43 percent.

    Both Bank Aljazira and the Saudi British Bank was at the top of the list of the weakest performing banks with 8.62 percent and 3.32 percent, individually.

    Leejam Sports Co. led the market droppers with 22.5 percent, while Mouwasat Medical Services Co. was next with 5.55 percent.

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