Saudi: Tadawul closes Thursday’s session up

Saudi Arabia’s benchmark stock index, the Tadawul All-Share Index (TASI), closed Thursday’s session up by 0.5%, reaching 10,400 points.

The index was boosted by gains in the banking and petrochemical sectors, as well as a rise in oil prices.

Among the top performers on Thursday were Saudi National Bank (SNB), which rose by 1.5%, and Saudi Basic Industries Corporation (SABIC), which gained 1.2%.

The Tadawul All-Share Index has been on a positive trend in recent weeks, as investors remain optimistic about the Saudi economy. The index is now up by over 10% year-to-date.

The Saudi economy is expected to grow by 3.7% in 2022, according to the International Monetary Fund (IMF). The IMF also expects the Saudi economy to grow by 4.8% in 2023.

The positive economic outlook has been supported by rising oil prices. The price of Brent crude oil, which is the international benchmark, has risen by over 30% since the beginning of the year.

The Saudi government has also taken a number of steps to boost the economy, including increasing spending on infrastructure and social programs.

The Saudi stock market is seen as a barometer of the country’s economic health. The recent gains in the Tadawul All-Share Index are a sign of confidence in the Saudi economy.