Home Commodities Commodities Update — Gold slowly climbs up; grains fall on recession fear;...

Commodities Update — Gold slowly climbs up; grains fall on recession fear; copper slides

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RIYADH: Saudi Arabia’s main index, TASI, fell 0.77 percent to 11,257, its lowest level at the opening bell in 2022 amid rising investor concerns of a possible global recession.

This was also weighed down by a 3.01 percent slump in Saudi Tadawul Group and a 1.31 percent decline in Saudi Aramco, the largest player on the Saudi oil market.

Chemicals maker Petro Rabigh slid 1.62 percent, while Advanced Petrochemical Co. shed 1.52 percent, after reporting a 37 percent decline in profit for the first half of 2022, hit by raw material costs.

In the banking sector, the Kingdom’s largest valued bank Al Rajhi dropped 0.50 percent, while the Saudi National Bank declined 0.45 percent.

Saudi British Bank, which was voted the best bank in 2022, lost 0.73 percent of its share price.

The National Shipping Co. of Saudi Arabia, known as Bahri, gained 2.94 percent to lead the gainer, following the completion of its SR3.9 billion ($1.04 billion) sukuk offering.

This was followed by Tanmiah Food Co. gaining 2.33 percent, following its agreement to sell two subsidiaries to US Tyson for SR262.6 million.

The parallel market, Nomu, started Wednesday’s session flat, reaching 21,140 points.

In the energy sector, West Texas Intermediate crude was trading at $101.33 per barrel and Brent crude was trading at $105.15 per barrel as of 10:27 a.m. Saudi time.

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