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Saudi Arabia gains in Gulf markets in early trade – Markets IV News

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Saudi Arabia’s stock market rose in early trading on Thursday, with gains in the Gulf region on track to extend its rebound for the second session after a slide.

On Monday, the Saudi exchange hit its lowest level in nine months, as fears grew that the race to raise interest rates to contain inflation would drag the global economy into recession.

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Saudi Arabia’s benchmark index advanced 1.5%, with oil giant Saudi Aramco up 1.9% and Al Raji Bank up 1%.

HSBC Saudi Arabia said on Wednesday that Separelty, Arabian Drilling Co., a Saudi oilfield services firm, will price its planned initial public offering between 90 riyals and 100 riyals per share.

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Arabian Drilling, which operated 45 rigs as of 2021 and has been drilling since 1964, will sell 30%, or 26.7 million shares, of the company.

Broad Asian gains in most Gulf stocks

This includes 17.7 million existing shares and 9 million new shares held by The Industrialization and Energy Services Company (TAQA).

Dubai’s main stock index gained 0.4%, helped by a 0.3% gain in blue-chip developer Emaar Properties.

Elsewhere, emirate’s toll-road operator Salik posted 20% above its listing price at its market debut, a sign that investors still have an appetite for local flotation despite global markets.

The company is the third state-linked entity to successfully execute a Dubai listing this year in an event aimed at attracting investor interest on the domestic stock exchange.

The index rose 0.3% in Abu Dhabi.

The Qatari index climbed 1.1%, up from a 2.2% jump in petrochemical maker Industries Qatar.

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