The Saudi Stock Exchange closed down 2.6%, driven by global markets and oil prices.

The stock index of Saudi Arabia closed down by 2.6% to 11161.4 points under the influence of a wave of falling world markets and lower oil prices.

Markets in the US and Europe fell due to fears of a possible recession due to a sharp increase in interest rates.

Oil prices also fell about 5% to their lowest level in eight months, with the dollar reaching its highest level in more than two decades amid fears that higher interest rates will push major economies into recession, reducing demand for oil.

Aramco, the giant of the Saudi oil industry, fell by 2.6%, Rabigh Refining and Petrochemicals (Petro Rabigh) – by 2.9%, Saudi Basic Industries Corporation (SABIC) – by 2.1%, methanol chemicals (Chemanol) – by 4.7%, and National Industrialization – by 4.1%.

Shares of Al-Rajhi Bank fell 3.3%, Riyad Bank – 1.85%, Saudi British Bank (SABB) – 4.5% and Saudi Investment Bank – 4.6%.

The value of trading was about 4.4 billion rials, and the volume of shares sold was 128 million shares.