The Clap
The TASI ended 2022 down 7.1%, closing at 10,478 points compared to 11,282 points at the end of 2021.
What
The losses in 2022 are the first in 7 years when the index fell by 17% in 2015.
The market was impacted by the global economic uncertainty regarding a recession and the repercussions of increasing interest rates, in addition to the fluctuations in oil prices.
So What
Most countries of the Gulf Cooperation Council, including Saudi Arabia, peg their currencies to the USD, following the movements of the Fed closely.
This makes the Gulf region vulnerable to the effects of tighter monetary policy in the largest economy in the world.
Now What
Oil giant Aramco (2222), which overtook Apple to become the world’s largest company in May, gave up those gains to end the year near where it began, down 1.4% since the beginning of 2022.
