The Saudi stock market reached its “highest level” in two years during Sunday’s trading session, leading gains across Gulf markets.
Driving the growth
The main index of the local market, “TASI,” saw a 2.6% uptick, with gains across all stocks on the index.
The most notable was the rise of “Al Rajhi,” the world’s largest Islamic bank, by 3.7%.
So What
Shares of “Saudi Aramco” rose by 1.8% on their first trading day after its massive secondary offering.
The offering is expected to see the oil giant raise at least USD 11.2 billion.
Aramco’s shares soared 5.7% above the secondary offering price of 27.25 riyals.
There were private transactions for about 1.55 billion shares, valued at 42.1 billion riyals.
The deals were executed by institutions participating through negotiated transactions in the company’s secondary public offering.
Hesham AbouJamee, CEO of “Mekyal Financial Technologies,” said in an interview with “Al Arabiya Business” that investors who subscribed to the secondary offering of “Aramco” achieved gains of about 5% between the subscription price and the current price.
Some context
Among the top gainers in “Tadawul” on Sunday was “Miahona,” which saw its share values leap 19.8% to 17.9 riyals apiece.
Trading began on the shares of the water and wastewater infrastructure company last Thursday following an initial public offering at 11.5 riyals.
