RIYADH: Saudi Arabia’s main index recovered slightly after slipping steeply at the beginning of the week, but major central banks’ plans to increase interest rates and the risk of recession remain concerns for investors.
The Tadawul All Share Index rose 0.50 percent to end Tuesday at 11,503, while the parallel market Nomu traded flat at 20,218.
Saudi oil giant Aramco increased by 0.56 percent, while Rabigh Refining and Petrochemical Co. grew by 1.27 percent.
The Saudi National Bank, the Kingdom’s largest lender, climbed 2.25 percent, while Saudi British Bank improved 1.45 percent.
The Kingdom’s largest valued bank Al Rajhi Bank edged up 0.47 percent, while Alinma Bank added 1.39 percent
Saudi pharma SPIMACO added 2.20 percent, after it renewed its agreement with MSD to license and market pharmaceutical preparations.
Retal Urban Development Co. added 0.59 percent, after it signed an agreement with the National Housing Co. to build 759 housing units in Riyadh worth an estimated SR864 million ($230 million).
Sumou Real Estate Co. gained 0.51 percent, after signing a development agreement with the National Housing Co. in Riyadh to build residential units for SR403 million.
Shares of Gulf Union Al Ahlia Cooperative Insurance Co. rose 0.44 percent following signing a memorandum of understanding with Al Sagr Cooperative Insurance Co. to discuss a potential merger between the two companies.
