Mideast Stocks: Banks lead Saudi up while financials drag down Dubai | ZAWYA MENA Edition:
Saudi Arabia's stock market rose on Sunday, buoyed by banking shares in the wake of Saudi Aramco's release of its initial public offering prospectus, while Dubai was dragged down by financials and property stocks.
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 in total be floated 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.
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