Mideast Stocks: Saudi drops a day after Aramco's debut, other Gulf markets quiet | ZAWYA MENA Edition:
Saudi Arabia's stock market fell on Thursday, reversing most of the previous session's gains made as state-owned oil giant Aramco debuted on the exchange, while other major Gulf markets were also little changed.
Aramco, however, jumped 8.1%, adding to a 10% rise on Wednesday. Its shares had been as much as 10% higher at 38.7 riyals at Thursday's market open, implying a market value of $2 trillion, Refinitiv data showed.
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.
The firm is expected to be included in the MSCI emerging markets index on Dec. 17.
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