Saudi Stocks Set to Enter Bear Market Just as Aramco IPO Nears - Bloomberg:
Saudi Arabian stocks are heading into bear market territory, just as investors await the most important initial public offering in the country’s history.
The Tadawul All Share Index declined as much as 1.5% on Tuesday, losing more than 20% from a recent high in early May. The market’s pull-back over the past few months was fueled in part by an increase in geopolitical risk after attacks on giant oil producer Saudi Aramco’s facilities in September.
The decline in the country’s equity market comes just as Aramco intensifies preparation for a mammoth initial public offering that could happen as early as November and potentially raise $40 billion.
Saudi Arabian stocks are heading into bear market territory, just as investors await the most important initial public offering in the country’s history.
The Tadawul All Share Index declined as much as 1.5% on Tuesday, losing more than 20% from a recent high in early May. The market’s pull-back over the past few months was fueled in part by an increase in geopolitical risk after attacks on giant oil producer Saudi Aramco’s facilities in September.
The decline in the country’s equity market comes just as Aramco intensifies preparation for a mammoth initial public offering that could happen as early as November and potentially raise $40 billion.
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