Here’s what you need to know before Tadawul trading on Monday

Here’s what you need to know before Tadawul trading on Monday

RIYADH: Saudi Arabia’s main stock index, TASI, logged a monthly gain of 5.9 percent in July following two straight months of losses, bolstered by rising oil prices. TASI rose 0.4 percent in the previous session to exit the month at 12,199, and the parallel Nomu market added 2 percent to 21,391. This came in line with gains in fellow Middle Eastern bourses on Sunday, led by Qatar’s QSI which surged 1.9 percent. Egypt’s blue-chip index was up 1 percent, followed by Oman with a 0.8 percent gain, while the Bahraini bourse edged 0.7 percent lower. In energy trading, Brent crude reached $103.38 a barrel by 9:16 a.m. Saudi time on Monday, while US West Texas Intermediate traded at $97.62 a barrel. The Kingdom’s gross domestic product grew at the fastest rate since 2011 at 11.8 percent in the second quarter of 2022, fueled by oil sector growth, according to flash estimates by the General Authority for Statistics. SABB Takaful received the Saudi Central Bank’s approval for the merger with rival insurer Walaa Insurance, following a binding agreement between both parties last February The National Shipping Co. of Saudi Arabia, known as Bahri, posted a 134 percent increase in profit to