STC share price up 40% on offer price market
Trading in shares of Saudi Telecom Company (STC) started positively on the first day of trading on January 25. The share price opened at 225 Saudi riyals ($60), up from the offer price of SR 170, closing the first trading session of two hours at SR 237.75, up by 40 percent.
STC's market capitalization reached SR 71.325 billion and brought the market capitalization of the Saudi Market to SR 363.12 billion. Some 2.8 million STC shares, worth nearly SR 665 million were traded during the morning session, said Director-General of Tadawul All-Share Index (TASI), Abdullah Al-Suweilmy. TASI climbed 156.97 points to end the first session at 2,772.25, an increase of six percent on the previous close. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
- Target fair share price for STC is at SR 52
- STC enables users to enjoy fastest internet speed in Kingdom with up to 20 MB for free
- values the intrinsic value of STC at SR80.6 per share and upgrades its previous recommendation to "BUY"
- Keeping up the fight for market share? Saudi oil production inches up in November