Tadawul index declines slightly

Updated 04 December 2012
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Tadawul index declines slightly

After four consecutive days of trading in the green, the Saudi stock market took a reversal yesterday, dropping a few points merely.
The Tadawul All-Share Index (TASI) fell down to 6,716.46 points yesterday. The index showed a reduction of 16 points or 0.24 percent for the entire day.
It opened at 6,732.46 points, which appeared to be the intra-day high, subsequent trading sent the index down to a maximum of 45.56 points.
Only Small and Micro caps indices moved upward slightly.
Sector indices performed in a mixed fashion, with seven sectors accumulating an aggregate of 57.2 points and eight sectors trimming more than two hundred points collectively.
Multi-Investment and Insurance were major winners among sectoral indices, which marginally increased by 0.61 percent and 0.58 percent respectively.
On the other hand, Industrial Investment and Petrochemical Industries moved downward, shedding less than half percent in a day.
Kingdom Holding and SABB came out as key gainers among heavyweight equities, marching higher by 2.04 percent and 0.65 percent respectively. Etihad Etisalat Co. (Mobily), on the contrary, posted the largest losses, falling 0.99 percent for the day.
Market breadth with advance-decline ratio of 0.8:1 remained slightly negative.
Etihad Atheeb Telecom-munication Company and Saudi Industrial Export continued an upward march in a consecutive manner, surging 8.95 percent and 6.69 percent respectively. Atheeb has also been able to occupy the place at volume chart, liquidating more than 16.6 million shares, and ranking second.
Share trading activity remained low yesterday as compared to previous day; turnover went down by 13.6 percent in terms of volume and 8.4 percent in terms of value.


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.