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Sun 13 Oct 2019 01:11 PM

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Gulf markets rise as traders await Aramco IPO details

Gauges from Riyadh to Dubai rose, with bank stocks contributing the most to the Tadawul All Share Index rally

Gulf markets rise as traders await Aramco IPO details
Saudi Aramco’s board is expected to give final approvals to proceed with its share sale this week, according to people familiar with the matter.

Equity markets in the Middle East advanced, tracking earlier emerging market gains. Saudi Arabia’s benchmark led the way, as traders wait for Saudi Aramco to pull the trigger on its mammoth IPO.

Gauges from Riyadh to Dubai rose, with bank stocks contributing the most to the Tadawul All Share Index rally.

An index tracking stocks from developing countries climbed 1.5% on Friday after two days of talks concluded with the US and China agreeing on the outline of a partial trade accord.

Saudi Aramco’s board is expected to give final approvals to proceed with its share sale this week, according to people familiar with the matter.

Middle Eastern markets highlights:

  • Equity Indexes in Saudi Arabia, Dubai, Abu Dhabi and Oman rise between 0.1% and 0.2%
  • The Tadawul Banks Index climbs 1% as of 10:18am in Riyadh, recovering from last week’s 4.1% decline
  • In Dubai, Arabtec rises 7.8%, extending gains this month to more than 10%
  • Reuters reported last week that UBS is working with Arabtec, while Shuaa Capital is working with Trojan Holding for a potential merger
  • Kuwait’s Premier Market index up 0.1%
  • Ahli United Bank gains 0.4%. The lender said after last week’s close that Bahrain’s central bank is yet to approve a takeover by Kuwait Finance House

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