Insurance sector dominates trading

Updated 08 December 2012
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Insurance sector dominates trading

After spending entire last week with reasonable gains, the Saudi stock market continued its upward march yesterday.
The Tadawul All-Share Index (TASI) closed 48.9 points or 0.73 percent higher at 6,778.09.
TASI's year-to-date gains improved further to 5.62 percent. Small cap remained prominent among market cap indices, advancing 1.55 percent for the day.
All sectors closed in the upward territory, reflecting a collection of 546.7 points.
Positive performance was boosted by Insurance sector, which surged 44.81 points or 3.08 percent to cross the 1,500 mark. Saudi Indian Company for Co-operative Insurance, Amana Cooperative Insurance and Wataniya Insurance Company showed a tremendous performance among all Saudi equities, soaring up 9.9 percent for the day.
Most of the trading was also concentrated in the Insurance sector, its more than 42.5 million shares were traded yesterday which accounted for roughly one-fourth of the Tadawul volume. The value of these shares reached to SR 2.1 billion, a relative market share of 44.5 percent.
There were 99 net advancing issues, a largely positive market breadth for the day.
Etihad Etisalat Co. (Mobily) made the biggest jump among heavyweight equities, advancing 2.66 percent to close the day at SR 77.


Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

Updated 20 July 2018
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Potential SABIC deal would affect Saudi Aramco IPO time frame, says CEO Nasser

JEDDAH: A potential deal to buy a stake in petrochemical maker SABIC would affect the time frame of Saudi Aramco's initial public offering (IPO), the oil firm's president and CEO Amin H. Nasser said Friday. 

The IPO of around 5 percent of Aramco, which was initially to take place this year but is now more likely to happen later, would be the world's biggest listing, raising up to $100 billion.

Nasser said that buying a stake in a chemical company like SABIC would positively affect Aramco's revenue, Al Arabiya reported.

“We are still in the very early stages of the discussion to buy a stake in SABIC,” the Aramco CEO said.

“Aramco is ready for the initial offer and the timing remains subject to the state's decision.”

Saudi Aramco said on Thursday it is looking at the possibility of buying a stake in SABIC, a move that could boost the state oil giant’s market valuation ahead of the planned IPO.
Aramco said in a statement that it was in “very early-stage discussions” with the Kingdom’s Public Investment Fund (PIF) to acquire the stake in SABIC via a private transaction. It has no plans to acquire any publicly held shares, it said.
In a separate statement, PIF also said talks about a sale were in early stages. “There is a possibility that no agreement will be reached in relation to this potential transaction,” it said.