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Tadawul closes Aramco’s first trading day in green

Tadawul closes Aramco’s first trading day in green
TASI closed the session at 8,133.72 points
-1.68% 32.20 -0.55

By: Bedour Elraee

Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) ended Wednesday’s trading session on a positive note, supported by increased liquidity supported by the listing of Saudi Aramco and gains achieved by major market sectors.

The Tadawul All Share Index (TASI) rose by 0.83% or 67.30 points and closed at the level of 8,133.72 points.

Saudi Arabian Oil Company (Saudi Aramco) surged 10%, its daily fluctuation limit, and closed the session at SAR 35.20, leading the market rising stocks in its first trading day on Tadawul.

Aramco’s stock will be included in TASI starting from next Wednesday’s session, as per the new indices methodology.

Traded values reached SAR 4.032 billion, with volumes amounting to 179.046 million shares, compared with 107.8 million traded shares yesterday, with a SAR 2.6 billion turnover.

The finance and investment sector index soared 5.14%, while basic materials and energy indices added 1.37% and 0.96%, respectively, while the banks' sector increased by 0.95%.

Kingdom Holding and Alujain gained 9.88% and 7.7%, respectively, while Dar Al Arkan was the biggest loser as it declines by 2.32%, followed by Savola with 1.88% losses.

Aramco noticeably dominated today’s trade, accounting for the highest turnover with SAR 1.11 billion, accounting for 27.5% of the total turnover.

Nevertheless, market analyst Anas Al Rajhi told Mubasher that although Aramco attracted large liquidities in its first day, the values remain modest compared with the size of the initial public offering, which is the biggest in the world.

This comes as the Aramco stock reached its maximum rising limit, while cement and construction companies also witnessed positive movements, according to the analyst, who expects the liquidity to multiply over the coming sessions and reflect on the market.