Aramco Extends Drop to Erase a Third of Initial IPO Rally - Bloomberg:
Saudi Aramco shares fell for a third straight session, with investors locking in some profits now that the catalyst of inclusion in stock indexes has past.
Aramco slid 3.3% to 35.50 riyals in Riyadh on Thursday, underperforming the Tadawul All Share Index, which rose 0.5%.
The oil giant was included this week in MSCI’s main gauge tracking emerging-market stocks and also in the Saudi index, opening room for investors to sell on the liquidity events. The stock is down more than 6% from the highest closing price reached on Monday, paring more than a third of its rally since the biggest initial public offering in the world.
Saudi Aramco shares fell for a third straight session, with investors locking in some profits now that the catalyst of inclusion in stock indexes has past.
Aramco slid 3.3% to 35.50 riyals in Riyadh on Thursday, underperforming the Tadawul All Share Index, which rose 0.5%.
The oil giant was included this week in MSCI’s main gauge tracking emerging-market stocks and also in the Saudi index, opening room for investors to sell on the liquidity events. The stock is down more than 6% from the highest closing price reached on Monday, paring more than a third of its rally since the biggest initial public offering in the world.
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