Aramco stock briefly touches $2 trillion before easing

Aramco stock briefly touches $2 trillion before easing
Aramco stock briefly touches $2 trillion before easing

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Jeddah - Yasmine El Tohamy - LONDON: Saudi Aramco's shares opened up 10 percent higher in their second trading session on Thursday, briefly sending its market capitalization above $2 trillion before easing.

The stock advanced to SR 38.7 ($10.32) before easing to SR37 about 15 minutes into the session. The stock hit the maximum allowed in a trading session on its debut on Wednesday.

Aramco became the world's biggest IPO last week by raising $25.6 billion - more than the $25 billion raised by Alibaba in 2014.

The share sale took place at a turbulent time for the global oil industry, increasingly under the spotlight because of its greenhouse gas emissions. At the same time, a global supply glut caused in part by the growth of the US shale oil sector has dampened investor sentiment towards the sector. Plans for the share sale faced a further shock in September when Saudi Aramco's main oil processing facility in Abqaiq was hit in a drone attack.

Despite the unfavorable global market mood, the Saudi government pressed ahead with the sale that has long been a cornerstone of the Kingdom's efforts to modernize its economy and develop its financial sector.
It is expected to be followed by more privatizations as Saudi Arabia seeks to curb its budget deficit.

Announcing the Saudi budget earlier in the week, Finance Minister Mohammed Al-Jadaan said that the proceeds from the Aramco IPO would be reinvested, helping to create more revenue channels for the government.

Within just one hour of Aramco chairman Yasir Al-Rumayyan ringing the trading bell, some 766.8 million shares had changed hands.

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