RIYADH: Saudi Arabia’s main index gained momentum after dropping below 11,000 points on Monday on fears of a global recession sparked by aggressive monetary tightening around the world.
The Tadawul All Share Index gained 1.04 percent to reach 11,022 in early trade on Tuesday, while the parallel market Nomu started almost flat at 19,723, as of 10:08 a.m. Saudi time.
Saudi oil giant Aramco started with a 0.29 percent gain, while Rabigh Refining and Petrochemical Co. added 1.05 percent.
The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.
The Kingdom’s most valued bank Al Rajhi rose 1.15 percent, while Alinma Bank gained 0.58 percent.
Anaam International Holding Group continued to lead the gainers since yesterday’s trading session with a 6.83 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.
Abdulmohsen Alhokair Group for Tourism and Development rose 4.52 percent after signing two contracts totaling SR94 million with a company specializing in establishing and operating international brands.
Saudi Paper Manufacturing Co. gained 1.38 percent, after it invited its shareholders to vote on raising its capital to SR337 million, following approval by the Capital Market Authority.
Nayifat Finance Co. added 0.17 percent, after it named Bandar Al-Baiz as managing director and CEO, as well as Saleh Al Omair as chairman and Abdulmohsen Al-Saleh as vice chairman.