Aramco Missing From Line Up of Star Saudi First-Quarter Stocks - Bloomberg:
Saudi Arabian equity investors reviewing outperformers in the market’s worst quarter since 2008 are left with a mixed bag of star stocks -- and the national oil champion isn’t even close to cracking the list.
The top five gainers in Riyadh this year include a small insurer, a supermarkets owner, a plastic producer, an education company and a hospital operator. They don’t exactly boast a track record of consistent success between them: the first four haven’t broken into the top five in any quarter since 2016, while the last has just made its market debut.
The diverse group of market leaders underscores how hard investors have had to look for bright spots among equities trading in the world’s biggest oil exporter. The local market has been battered by the global stocks slump caused by the coronavirus crisis, and a price war over crude between the kingdom and Russia that has weighed on Saudi Aramco, which accounts for 11% of the main index.
Saudi Arabian equity investors reviewing outperformers in the market’s worst quarter since 2008 are left with a mixed bag of star stocks -- and the national oil champion isn’t even close to cracking the list.
The top five gainers in Riyadh this year include a small insurer, a supermarkets owner, a plastic producer, an education company and a hospital operator. They don’t exactly boast a track record of consistent success between them: the first four haven’t broken into the top five in any quarter since 2016, while the last has just made its market debut.
The diverse group of market leaders underscores how hard investors have had to look for bright spots among equities trading in the world’s biggest oil exporter. The local market has been battered by the global stocks slump caused by the coronavirus crisis, and a price war over crude between the kingdom and Russia that has weighed on Saudi Aramco, which accounts for 11% of the main index.
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