MIDEAST STOCKS-Banks lead Saudi rebound, other major Gulf markets gain - Agricultural Commodities - Reuters:
Saudi Arabia’s stock market rebounded on Sunday, supported by gains in banking stocks, while other major Gulf indexes were also up in early trade.
Saudi’s benchmark index rose 0.9%, with Alinma Bank jumping 5.5% after its board proposed a capital increase through bonus shares.
Saudi Aramco was up 1.5%, on its third day of trading. The oil giant 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.
Aramco raised $25.6 billion on Dec. 5 through its IPO and plans to exercise a 15% greenshoe option in whole or part during the first 30 days of trading. If the option is exercised in full, the total raised from the IPO would amount to $29.4 billion.
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