The Tadawul All Share Index climbed as much as 2.2%, recovering from a loss of 0.8% last week
Saudi Arabian stocks rose the most in the Gulf as the country’s oil giant delayed a long-awaited initial public offering.
The Tadawul All Share Index climbed as much as 2.2%, recovering from a loss of 0.8% last week and trimming losses in October to 3.6%. Large caps including Al Rajhi Bank, National Commercial Bank, Saudi Telecom Co. contributed the most to the increase.
The share sale by Saudi Aramco, initially expected to be launched this week, was delayed by at least a few weeks to incorporate third-quarter results, according to people briefed on the situation.
The postponement gives some relief to Saudi shares because analysts had said that many local investors were selling their current holdings to fund purchases of Aramco stock.
The oil company said the timing of the IPO will depend on market conditions.
Middle Eastern Markets: