Aramco Shares Touch 43 Riyals... Highest Price Since Listing

Shares of Saudi Aramco continued their positive performance in recent times, reaching the highest price since the listing in December 2019, at 43.1 riyals during today's session on Wednesday. During that period, the Aramco stock rose by 3.38% at a price of 42.85 riyals, leading trading values with approximately 888.04 million riyals from 20.93 million shares traded. Aramco's stock propelled the energy sector to rise by 3.4%, leading sector gains. The main market index "TASI" increased by 0.26%, equivalent to 33.42 points, reaching 12,707.76 points. Recent gains in Aramco's stock have boosted the company's market capitalization to approximately 2.29 trillion dollars, making it the second-largest globally after Apple, which holds the first place at around 2.66 trillion dollars. Aramco benefits from the consecutive rise in oil prices in global markets, driven by Russia's invasion of Ukraine, which exacerbates tensions in energy markets. Recently, Crown Prince Mohammed bin Salman, Deputy Prime Minister and Head of the Economic and Development Council, announced the transfer of 4% of shares of the Saudi Arabian Oil Company "Saudi Aramco" to the Public Investment Fund. Meanwhile, the Saudi Public Investment Fund has begun discussions on how to monetize its approximately 86 billion dollar stake in the world's largest energy company while seeking to raise funds for ambitious investment goals, according to sources quoted by Bloomberg and reported recently by Al Arabiya.net. The sources added that the Public Investment Fund is exploring options for its 4% stake in Saudi Aramco, including the full or partial sale of the stake, or raising funds by pledging the shares in exchange for issuing convertible debt instruments or loans.