Saudi stock market rose on Wednesday, as the world's largest listed firm Saudi Aramco soared to the maximum limit of 10% on its first day of trading.
Shares of Saudi Arabian Oil Co (Aramco) rose to 35.2 riyals ($9.39) apiece, higher than their initial public offering (IPO) price of 32 riyals. The increase helped the company close in on the $2-trillion valuation long sought by Saudi Crown Prince Mohammed bin Salman.
Aramco raised $25.6 billion on Dec. 5 through the IPO. It plans to exercise the 15% greenshoe option in whole or part during the first 30 days of its trading period. If the option is exercised in full, the oil giant could raise $29.4 billion in IPO.
The Saudi benchmark index climbed 0.8% in early trading. Other gainers included National Commercial Bank and Al Rajhi Bank, which rose 1.1% and 0.5%, respectively.
The Abu Dhabi index added 0.2%, helped by a 0.7% rise in telecoms firm Etisalat and a gain of 0.1% in First Abu Dhabi Bank.
In Dubai, the index edged down 0.1% as Emirates NBD slid 0.4%, while budget airliner Air Arabia declined 1.4%.
The Qatari index slipped 0.2%, with Qatar Islamic Bank and lender Masraf Al Rayan shedding 1% and 0.5%, respectively.
($1 = 3.7500 riyals)
(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))
