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RIYADH: The Saudi stock market closed March higher, despite investors worried about Russia’s war in Ukraine and the market chaos it has caused, which sent oil prices on a rollercoaster ride .

Fluctuating daily up and down, the main index, TASI, ended the month gaining 3.9% to 13,090, in one of the best monthly performances.

TASI also hit a record breaking 13,000 points for the first time since 2006, amid a strong winning season for most major players.

In what is considered the region’s most active initial public offering market, the value of initial share sales reached $3.4 billion in the first quarter of this year.

The result was driven by a wave of registrations during March, led by Nahdi Medical, which was also the largest registration since Aramco. Among others, Al-Dawaa Medical Services and Al Masane Al Kobra Mining.

As for the parallel market, Nomu, it closed the month almost unchanged at 25,010 points.

As the mood of many investors soured amid the ongoing war, many investors feared they would miss out on seemingly irresistible gains.

It is unclear how stock prices will react in the coming month. Market sentiment could be depressed and prone to wild swings as the market is filled with uncertainty.

Joel C. Hicks