The Clap The general index of the main Saudi Tadawul “TASI“, the largest financial market in the Middle East, increased by 11017,4 points, breaking the 11,000 points barrier that it went under on Monday.
The Deets The Saudi stock market index went up by 0.99% on Tuesday, due to a rise in the banking sector, which is considered the largest in the index.
The index saw a rise in Al-Rajhi Bank, the second largest company in the market, in addition to National Commercial Bank, Riyad, and SABB banks.
Aramco, the largest company in the index, rose by 1.2%.
Why this Matters On Monday, the TASI index fell below 11,000 points, for the first time since mid-December, which pushed the Tadawul index into a bearish state, after it fell 21.8% from its last peak.
Fears of Recession Fears of a global economic recession have increased, with global central banks tightening monetary policy to curb inflation.
This prompted global financial markets to record significant declines at the end of last week.