MIDEAST STOCKS-Banks boost #Saudi index; other Gulf markets dip - Reuters

MIDEAST STOCKS-Banks boost Saudi index; other Gulf markets dip - Reuters:

Saudi Arabian stocks rose sharply on Sunday, boosted by gains in financial shares in the wake of Saudi Aramco’s (IPO-ARMO.SE) disclosure of its initial public offering prospectus, while other major Gulf markets were subdued.

Saudi Aramco said in its prospectus that it will sell up to 0.5% of its shares to individual retail investors. But it did not include details of how much of the company would be floated in total or of any commitments from anchor investors. 


Earlier, Reuters had cited sources saying the oil producer could sell 1%-2% on the Saudi stock market.

Last week, the market regulator approved the listing of Aramco, following which Saudi shares fell, and analysts had said that local investors could be selling other shares in order to shift investments to the oil producer.