Saudi stocks rise most in Gulf with Aramco

Thank you for your reading and interest in the news Saudi stocks rise most in Gulf with and now with details

Aden - Yasmin Abdel Azim - The Saudi Stock Exchange, also known as the Tadawul, in Riyadh. Image Credit: File photo

Saudi Arabia’s main equity index advanced the most in the Middle East after the pricing of Saudi Aramco’s initial public offering and amid hopes of higher oil prices.

The Tadawul All Share Index rose as much as 1.8% within the first hour of trading on Sunday. The kingdom raised $25.6 billion from the world’s biggest IPO after selling shares at 32 riyals ($8.53) each. That was the top end of the range and values the energy company at $1.7 trillion. It received total bids of $119 billion. Aramco shares will start trading in Riyadh on Wednesday. The Tadawul finished the day up 2.44 per cent.

Saudi Arabia said on Friday it will cut oil supply by more than what was agreed with fellow Opec+ members, as it guns for a $2 trillion valuation for Aramco. Oil prices climbed following the announcement.

Aramco has been “fairly valued and there is definitely some room to rally from here,” said Aarthi Chandrasekaran, a portfolio manager in Abu Dhabi at Shuaa Capital, in an interview to Bloomberg TV. And the oil cuts by the Saudis were “very well-timed,” she said.

These were the details of the news Saudi stocks rise most in Gulf with Aramco for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Gulf News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT PISJ-ES children perform in the 10th edition of Tourism Exhibition