TASI dives in September as recession fears mount: Monthly Recap

(MENAFN) The Saudi main index ticked up on Thursday, but September still marked a dismal month for the stock exchange, marked by persistent inflation, unstable gas prices, and aggressive Fed hikes.

The Tadawul All Share Index ended September dropping 7 percent over the course of the month to reach 12,283 at the closing bell of Thursday’s session.

This is despite closing the last session of September in green, with a 2.11 percent gain.

The monthly decline was led by a 9.23 percent drop in oil giant Saudi Aramco, and a 23.23 percent decline in Rabigh Refining and Petrochemical Co.

Also during the month, Saudi Arabia’s utility developer ACWA Power dropped 5.84 percent, while Saudi Electricity Co. declined 7.15 percent.

In the financial sector, the Kingdom’s highest valued bank, Al Rajhi, shed 12.29 percent, while Alinma Bank fell 9.09 percent.

The Saudi National Bank, the Kingdom’s largest lender and a major market player, dropped by 12.48 percent, while Saudi British Bank fell 9.52 percent,

Among the Kingdom’s information technology firms, Elm Co. decreased 5.16 percent, while Al Moammar Information Systems Co. declined 9.79 percent.

MENAFN02102022000045014228ID1104955648