‎TASI falls 12% in Q2 2022, posts biggest quarterly loss in over 2 years

‎TASI falls 12% in Q2 2022, posts biggest quarterly loss in over 2 years

Saudi Arabia's Tadawul All Share Index (TASI) closed Q2 2022 in the red, shedding 12%, or 1,567 points, to 11,523 points.

The Saudi benchmark recorded the biggest quarterly loss since the first quarter of 2020, when it plunged 22.5% battered by the COVID-19 pandemic.

TASI’s losses coincided with a decline in global markets amid inflation risks and tightened monetary policy.

By the end of H1 2022, TASI cut its gains to 2.1%, or 241 points, after jumping 16%, or 1,808 points in the first quarter of the year.

Key highlights in Q2 2022:

The Saudi Central Bank (SAMA) decided to raise its reverse repo rate from 75 basis points (bps) to 175 bps. It also hiked the repo rate to 225 basis points (bps) from 125 bps. The hike was implemented in two times following the Federal Reserve decision.

OPEC+ decided to boost its oil production by 648,000 barrels per day in July and August.

The Saudi Exchange (Tadawul) announced that it will launch single stock futures (SSFs) contracts on July 4, which will be cleared by the Securities Clearing Center Co. (Muqassa).

The shares of National Petrochemical Co. (Petrochem) were delisted after the company’s merger with Saudi Industrial Investment Group (SIIG). Wafa Insurance stock was also delisted,