Shares of Saudi state oil giant Aramco traded below their original IPO price for the first time Sunday and down 6.36% on the day.The Abu Dhabi index fell 5.8%, Dubai's Financial Market General Index was down 7.47% and Kuwait's index had plunged by 10% at 1:30 p.m. Dubai time.
Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, Sunday, Sept. 15, 2019.Shares of Saudi state oil giant Aramco traded below their original IPO price for the first time Sunday, at 30.90 riyals at 12:30 p.m. in Riyadh compared to the listing price of 32 riyals in December. That's down 6.36% on the day.
Saudi Arabia's stock exchange, the Tadawul, was down 7.7% in afternoon trading after plans to orchestrate aAramco became the world's most valuable publicly-traded company whenStock markets across the rest of the Gulf also fell dramatically during Sunday trading. Abu Dhabi, Dubai and Kuwait indexes were all down several percentage points following the market open; the Abu Dhabi index fell 5.8%, Dubai's Financial Market General Index was down 7.47% and Kuwait's index had plunged by 10% at 1:30 p.m. Dubai time.
Regional markets have been left shaky after OPEC and non-OPEC allies on Friday failed to agree on how much oil production to cut, with Russia reportedly refusing to give the green light to the deepest supply cuts since the global financial crisis.
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