Egypt leads 2022 gains, Saudi marks first annual loss in 7 years

The Saudi Arabian stock market ended lower on Wednesday, marking its first annual loss in seven years, while the Egyptian bourse was the Middle East's best performer in 2022.

Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.1% fall in Al Rajhi Bank (1120.SE).

The index, which hit its highest level in nearly 17 years in early May, finished the year down 7.1% at a near 20-month low.

According to Wael Makarem, senior market strategist – MENA at Exness, stock markets have witnessed a difficult period in 2022 as inflation, rising interest rates and the war in Ukraine strongly impacted investor sentiment.

Outside the Gulf, Egypt's blue-chip index (.EGX30) edged 0.1% higher, posting yearly gains of 22%.

The Egyptian stock market reversed earlier losses to gain in the final quarter following a deal with the International Monetary Fund and central bank support to allow lenders greater flexibility in currency trading.