Sunday, 15 December 2019

MIDEAST STOCKS-Aramco gains aid #Saudi; other Gulf bourses quiet - Reuters

MIDEAST STOCKS-Aramco gains aid Saudi; other Gulf bourses quiet - Reuters:

Oil giant Aramco helped carry the Saudi
stock market higher on Sunday, as it extended gains for the
third day, while other major Gulf indexes were little changed.   

Saudi's benchmark index rebounded 0.6%, with Saudi
Aramco closing up 1.6% at 37.4 riyals.

Aramco will join the Tadawul index and global benchmarks
such as MSCI and FTSE this week, which analysts said should fuel
further demand, particularly from "passive" investors who track
such indexes.

The state-owned oil company listed 1.5% of its shares at 32
riyals ($8.53) on Riyadh's Tadawul exchange on Dec. 11 in the
world's largest initial public offering (IPO).

Initially valued at $1.7 trillion, the shares have since hit
$2 trillion, a value long sought by Saudi Crown Prince Mohammed
bin Salman.

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