The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Saudi Arabian stocks rose the most in the Gulf as the country’s oil giant delayed a long-awaited initial public offering (IPO), easing a sell-off of other stocks intended to fund purchases in the share sale.
The Tadawul All Share Index climbed as much as 2.3%, recovering from a loss of 0.8% last week and trimming losses in October to 3.8%. Large caps including National Commercial Bank, Al Rajhi Bank and Jabal
Omar Development Co. contributed most to the increase. The Saudi Arabian oil company said the timing of the IPO will depend on market conditions.
Saudi Aramco’s IPO, 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 brought some relief to the market as many local investors had been selling asset holdings to divert into Aramco stock, analysts said.
The oil company said the timing of the IPO will depend on market conditions.