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Saudi stock market index rebounds to reach near 12,700 points

The Saudi stock market climbed at the close of today’s session in response to worldwide market gains in the last days of the week (Friday) and rising oil prices.

Oil prices jumped on Friday as demand soared, and European countries are debating whether or not to put a total ban on Russian crude oil.

While Wall Street ended the day sharply higher on Friday, as signals of inflation reaching a peak grew, it then began to decline.

Investors are more optimistic that the US Federal Reserve would be able to tighten monetary policy without putting the economy into recession as a result of the consumer spending statistics.

The major market index “TASI” finished Sunday’s trading with a gain of 1.27 percent, or 158 points, to 12,689 points.

The total value of deals was around 6 billion riyals, with roughly 151.5 million shares traded.

Out of the total shares of 214 listed firms, 148 grew in value while 56 decreased in value.

The market is likely to recover during this week’s trading, owing to positive data in oil prices, as well as the potential of a slower pace of US interest rate hikes, which will benefit stock markets.

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