MIDEAST STOCKS-Financials lifts Saudi up as Aramco extends gains - Agricultural Commodities - Reuters:
Saudi Arabia’s stock market rose on Monday, extending gains from the previous session helped by banking shares, while most other major Gulf markets were also up.
Saudi’s benchmark index gained 0.6%, with Al Rajhi Bank gaining 1% and Saudi Aramco up 1.1% on its fourth day of trading.
Saudi state oil company Aramco is due to join the Tadawul index and global benchmarks such as MSCI and FTSE this week, which according to analysts 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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