Global investment banks hold Saudi Aramco’s stock at 37 riyals
“Aramco’s stock will rise sooner or later and whoever misses buying the stock at current prices will regret, in the future,” the sergeant said, advising to see the comprehensive evaluation according to the report it issued. Al-Rajhi Capital recently transferred Aramco“.
He added that Al-Rajhi’s financial report “gives 67 pages of vision for the next two or three years, and sets a clear vision for the investor about the future future of Aramco’s share.”
The sergeant also expected Aramco to reach 40 riyals in the next year or the following year.
Regarding the Saudi banking sector, Al-Sgteeb said that there are “very large allocations that put banks in front of a major challenge to maintain profitability.”
He pointed out that “all banks benefit from Aramco’s offering and from very high residential lending,” noting that banks “postpone allocations for the last quarter to December, and this will affect profits.”
The sergeant returned to emphasize the impact of high-profile housing finance targets this year, which will support lending to the residential sector.
Saudi stock performance
The main Saudi stock index ended Tuesday’s session, down 0.29%, to lose 24.38 points, and closed at 8445.33 points, with transactions worth more than 3.6 billion riyals.
Aramco shares closed the session, down 0.14% to 34.55 riyals, with a total trading value of 242.5 million riyals.
The number of traded shares reached more than 174 million shares, which were shared by more than 176 thousand transactions, in which the shares of 98 companies recorded an increase in their value, while the shares of 87 companies closed down.
The shares of Al Yamama Steel, Medgulf Insurance, Walaa, Saudi German Hospital and Gulf Training were the top gainers, while the shares of Cisco, Shaker, Al Hokair, Reet ownership and Ataa were the most declining in transactions as the rise and fall rates ranged between 8.26% and 3.98 %.
Whereas, the shares of Dar Al-Arkan, Saudi Aramco, Construction, Development and Kimanol were the most active in volume, as were the shares of Saudi Aramco, Dar Al-Arkan and Al-Rajhi, and Al-Inma, and SABIC were the most active in value.
The Saudi Parallel Equity Index (Nomu) closed up 108.36 points to close at 7465.12 points, with transactions valued at more than 17 million riyals, and the number of shares traded reached more than 433 thousand shares shared by 1169 transactions.