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.
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.
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.