Gulf markets rise as traders await Aramco IPO details | Eurasia Diary - ednews.net

18 November, Monday


Gulf markets rise as traders await Aramco IPO details

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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 and Doha rose, with bank stocks contributing the most to the 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 U.S. 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.

Quicktake: Why Aramco’s Stop-Start IPO Is No Ordinary Share Sale.

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