RIYADH: Saudi Arabia’s main stock index TASI has gained 9 percent in 2022 to reach 12,310 points as of Aug. 2, led by a 106 percent surge in the shares of Public Investment Fund-owned utility provider ACWA Power.
Despite ongoing geopolitical hurdles weighing on markets globally, some stocks on the index have seen double-digit jumps in their share price, according to Argaam data.
Tadawul Group, Dallah Healthcare Co., Alinma Bank, and Ma’aden were among the top five gainers on the index, rising 74, 65, 57, and 53 percent, respectively.
The Kingdom’s banking sector has been witnessing a boom in earnings and share gains, with four banks on the list of TASI’s top ten gainers year-to-date.
In addition to Alinma Bank. Bank Albilad, Saudi Investment Bank, and Arab National Bank have all seen their stock prices soar between 40 and 47 percent.
On the other hand, Saudi insurers United Cooperative Assurance Co. and Arabia Insurance Cooperative Co. weighed most on the index in 2022, losing up to 69 percent.
