RIYADH: The Saudi Arabia stock market exchange is planing to sell shares to the public with a value of $4 billion, Bloomberg reported citing sources it did not name.
Tadawul, as the exchange is known, will release information on the IPO as soon as this month, it added.
Foreign investments
Foreign investments in Tadawul rose 14 percent to SR17 billion ($4.53 billion) as compared to SR14.9 billion during the same period in 2020.
Total foreign purchases hit SR134.56 billion during the nine months of the current year, while total sales amounted to SR117.56 billion in the same period, according to data issued by Tadawul.
April witnessed the highest net foreign purchases of SR3.68 billion followed with March with a value of SR3.52 billion.
Mazen Al-Sudairi, head of research at Al Rajhi Capital, told Arab News that the trend was likely to continue.
He said the increasing interest in the Saudi stock market is a testimony to the success of the ongoing economic reforms to ensure market transparency.
Trading
Saudi Arabia’s stock market edged up to its highest in nearly 14 years on Wednesday as oil prices rose.
Oil hit a multi-year high above $83 a barrel, supported by an OPEC+ refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally.
The Tadawul All Share Index was 0.1 percent higher, with Al-Rajhi Bank rising 0.8 percent and Saudi Telecom Co. up 2.4 percent.
The global oil giant Saudi Aramco gained 0.7 percent.
