The MENA region will face high inflation at 14% in 2022 due to the Russian-Ukrainian war (IMF)

RIYADH: Saudi Arabia’s main index managed to close slightly higher on Tuesday, despite the uncertainty gripping the market at the moment.

At the closing bell, TASI gained 0.53% to hit 12,300, while the parallel market, Nomu, fell 0.50% to 22,251.

Shares of Saudi Industrial Export Co. gained 9.87%, leading the gainers in the market.

Kingdom Holding Co. fell 6.95% to lead the laggards, despite reporting Q1 2022 earnings.

Saudi Aramco, the biggest player in the Saudi oil market, closed today’s trading up 1.65%.

Shares of Alhokair Group closed flat after news that its first-quarter losses narrowed 48%.

In the financial sector, the Kingdom’s largest bank, Al Rajhi, edged up 0.33%, while Alinma Bank climbed 3.14%.

Telecom giants STC and Zain KSA both fell 0.77% and 0.62% respectively.

In the pharmaceutical sector, Aldawaa Medical Services Co. gained 1.31% and Nahdi Medical Co. gained 1.58%.

The energy market saw Brent crude trading at $110.28 a barrel and U.S. West Texas Intermediate crude hit $113.58 a barrel, as of 3:31 p.m. KST.