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Sun 20 Oct 2019 01:07 PM

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Saudi stocks lead Gulf gains after Aramco IPO delayed

The Tadawul All Share Index climbed as much as 2.2%, recovering from a loss of 0.8% last week

Saudi stocks lead Gulf gains after Aramco IPO delayed

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.

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:

  • The Tadawul All Share Index rises 2% as of 11:06am local time, with 163 of its 191 members up
  • Dubai’s DFM General Index and Abu Dhabi’s ADX General Index decline between 0.1% and 0.4%
  • Du falls 1.6% in Dubai, biggest drag on the local index. Stock was cut to add from buy by Alphamena on Oct. 18
  • Gauges in Kuwait and Qatar fall between 0.2% and 0.4%, while the benchmarks in Oman and Bahrain are little changed

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