The Saudi Arabian stock market continued to rise during trading today, Sunday, as the index rose 0.59% due to higher oil prices.

Oil prices fluctuated wildly in 2022, rising due to limited supplies in light of the war in Ukraine, and then falling sharply due to weak demand from China, the world’s largest oil importer, and fears of an economic downturn, but ended the year with an annual growth for the second year in a row.

Brent crude rose in the last trading sessions of 2022 on Friday by about $2.45 a barrel, or about 3%, to $85.91 a barrel on a settlement basis. US West Texas Intermediate oil closed at $80.26 a barrel, up $1.86, or 2.4%.

For the full year, the price of Brent crude rose by about 10% after a 50% jump in 2021. U.S. oil is up about 7% in 2022 after rising 55% last year.

During this period of Sunday trading, the Tasi index added about 62.1 points to the mark of 10540.56 points, the volume of transactions amounted to 956.8 million rials.

Shares traded in volume of 33.1 million shares, with 175 stocks posting gains and 32 stocks out of a total of 223 stocks declining.

Shares of companies: Misk, Sadaq, Medgulf Insurance, Takween and Dar Al-Equitament House were the highest with rates ranging from 8.3% to 3.6%, from 1.35% to 0.79%.

At the same time, shares of Americana, Petro Rabigh, Dar Al-Arkan, Misk and Shams were the most active in quantitative terms, and shares of companies: Luprev, Al-Rajhi, Maaden, Al-Saif Gallery, Marafiq were the most active in terms of value.

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