The Saudi Stock Exchange continued its gains for the tenth consecutive session, with the main market index “TASI” finishing Wednesday’s trading session in the green.
Details
The index closed Wednesday’s session at 12,158 points, an increase of 0.6% compared to the previous day’s close.
This was achieved with trading volume reaching SAR 7.4 billion (USD 1 billion), thanks to the rise in most leading stocks.
So What
Saudi Aramco’s stock, carrying the largest weight on “TASI,” rose by less than 1% to SAR 28.35.
Its trading value reached SAR 550 million.
Additionally, ACWA Power’s shares rose by 2%, reaching SAR 397.6/Share.
Some Context
ACWA Power, the world’s largest private water desalination company, announced on Wednesday morning the sale of its 35% stake in two of its subsidiaries in Uzbekistan.
This was in favor of a Chinese company, in a deal valued at approximately SAR 596 million.
Uzbekistan represents the second largest market for the Saudi company in terms of total investments, after its main market in the Kingdom.
On the other hand, global energy giant “Aramco” acquired a 50% stake in Blue Hydrogen Industrial Gases Company.
The company also completed its medium-term international bond issuance on Thursday, valued at USD 6 billion.
The issuance was 6x oversubscribed over the initial target of USD 5 billion and witnessed “huge interest” from various classes of international institutional investors interested in high-credit bond investment opportunities.
