Saudi Gazette report

RIYADH — The Saudi stock market index recovered to the green zone in early trading from Tuesday’s session, and the main index Tadawul All Share Index (TASI), rose at the middle of the session by 2.62 percent, equivalent to 263.09 points, to reach the level of 10296.28 points, recovering from its lowest level in 20 months.

The value of trading amounted to about SR2.81 billion, through the circulation of about 281.19 million shares. The prices of 195 shares increased, compared to a decline of 15 shares out of a total of 220 listed companies.

Americana stock is the topper among the gainers. Values and trading volumes in its second trading rose 14.23 percent at a price of SR3.13, with a trading value of about SR667.96 million and a trading volume of about 227.25 million shares.

Saudi Aramco’s share rose by 2.81 percent, at a price of SR31.1, with a trading value of about SR128.5 million and a trading volume of about 4.18 million shares. The market rally came as oil prices continued to rise, which is a major catalyst for the Saudi market.

Oil extended its gains on Tuesday, with the continued closure of a major pipeline carrying resources to the United States, which raised concerns about a possible shortage of supplies in the largest consumer of crude oil in the world.

Brent Crude Futures rose $1.16 or 1.5 percent, to $79.15 a barrel in early trading on Tuesday, while US West Texas Intermediate crude futures rose $1.05 or 1.4 percent to $74.22.

The Federal Reserve is widely expected to raise interest rates by 50 basis points at its final meeting of 2022 on Wednesday. Investors will also focus on the Federal Reserve’s updated economic outlook and Fed Chairman Jerome Powell’s press conference.