Abu Dhabi: Saudi Arabia’s Tadawul All Share Index ended on Wednesday 0.31 per cent higher at 6,500.42 as oil prices rose for the second consecutive day amid easing Brexit tensions and a potential oil workers strike in Norway.
Shares in retailer L’azurde Company for Jewellery surged their 10 per cent daily limit to 40.70 riyals as they listed in Riyadh. The company sold 12.9 million shares in its initial public offer at 37.0 riyals per share.
L’azurde is the first retail company to list in Saudi Arabia this year, and its stock price performance in coming months may depend on the outlook for discretionary spending in the midst of an economic slowdown.
Elsewhere in the GCC, Qatar’s QE index rose 0.1 per cent to 9,877.75, while the Kuwait Stock Exchange index ended 0.01 per cent lower at 5,374.78. The Bahrain Bourse index crawled up 0.36 per cent to end at 1,118.16 and bring its year-to-date decline to 8.04 per cent.
— With inputs from Reuters
