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TASI hits lowest level since August on Aramco’s IPO

TASI hits lowest level since August on Aramco’s IPO
TASI fell by 1.99% by the end of Sunday

By: Bedour El Raee

Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) ended Sunday’s trading session with negative performance, hitting lowest level since August, on the back of the official announcement of Saudi Aramco’s initial public offering (IPO).

The benchmark Tadawul All Share Index (TASI) fell by 1.99%, or 153.75 points, ending the session at 7,590.33 points.

TASI’s traded volume reached 85.79 million shares exchanged at a turnover of SAR 2.108 billion through 92,590 transactions.

Lower profits of the petrochemical sector affected the market negatively, financial advisor Mohammed Al Shammari told Mubasher.

Al Shammari added that Aramco’s IPO is expected to affect Saudi bourse positively.

By the end of Sunday’s session, SASCO’s stock topped the gainers adding 6.59%, while SACO’s stock headed the decliners falling 6.63%.