The Saudi Stock Exchange falls more than 200 points due to concerns over interest rates.

The overall index of the Saudi Stock Exchange fell 1.92 percent (228 points) to 11,602 points, about an hour after the open, today, Sunday, in the first session of the week.

The Saudi Arabia index fell amid a collective decline in the sectors that make up the stock market.

The share of the largest Saudi Aramco in the market decreased by 0.5%, the second largest Al-Rajhi Bank in the index – by 2.3%, and the third largest National Bank – by 1.7%. , against the backdrop of a decrease in the majority of listed banks by more than 1%.

The index rose significantly during the first five months of 2022, helped by the growth of the banking sector, which benefited from higher interest rates, while shares of energy and petrochemical companies rose as a result of rising oil prices.

Although the index later fell more than 15 percent on fears of a US economic slowdown as a result of monetary tightening expectations, after US inflation rose at a faster-than-expected rate in August to 8.3 percent from from 8.1 percent expected.

Despite this, the index remains up about 3 percent since the start of the year.

Source: Anatolia

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