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Wednesday, Nov 20, 2019

Saudi stocks fall as traders prepare for Aramco’s IPO

Even though a timeline for the IPO is not defined, some investors could be already raising liquidity for the sale, said Ali Taqi and Vishal Gupta, from Rasmala Investment Bank in Dubai.

business Updated: Oct 14, 2019 12:32 IST
Filipe Pacheco
Filipe Pacheco
Bloomberg
Saudi Aramco’s board is expected to give final approval for the share sale this week.
Saudi Aramco’s board is expected to give final approval for the share sale this week.(Facebook/ Saudi Aramco)
         

Saudi Arabia’s benchmark equity index fell for a fifth session, as some traders prepare for Saudi Aramco‘s mammoth IPO by raising liquidity.

Gauges from Dubai to Kuwait and Doha rose, with the Qatari benchmark advancing the most in the Gulf. 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.

Aramco’s board is expected to give final approval for the share sale this week, according to people familiar with the matter.

Even though a timeline for the IPO is not defined, some investors could be already raising liquidity for the sale, said Ali Taqi and Vishal Gupta, from Rasmala Investment Bank in Dubai. “Domestic participation in Aramco’s IPO is expected to be strong and, more recently, Saudi investors have been net sellers in the market,” they wrote in response to questions.