RIYADH: The Saudi main index, TASI, bounced back in July following two of its worst months of 2022, fueled by continued price gains for crude.
TASI ended June gaining 5.9 percent to reach 12,199 at the closing bell of Sunday’s session.
This is despite a global economic downturn triggered by inflation and rising interest rates, sending worldwide shares to their lowest levels in years.
This gain was led by a 5.79 percent leap in Al Rajhi, the Kingdom’s largest valued bank, and a 1.28 percent increase in oil giant Saudi Aramco.
Saudi National Bank, the Kingdom’s largest lender, ticked up 2.64 percent for the month, while Alinma Bank soared 11.91 percent.
In the telecom sector, STC and Zain KSA, were up by 0.8 and 0.86 respectively, over the month.
Information technology firms Al Moammar Information Systems Co. and Elm saw their shares rise 17.15 percent and 16.95 percent, respectively.
Leejam Sports Co. topped the gainer list with a 24.03 percent rise, followed by Saudi Tadawul Group Holding Co. with a 20.11 percent gain.
Among insurers, United Cooperative Assurance Co. led the month’s fallers with a decline of 62.92 percent, followed by Arabia Insurance Cooperative Co. with a decline of 39.05 percent.