Saudi Aramco shares gained for a third consecutive day on Sunday, rising 1.63% to 37.4 Saudi riyal ($9.97), pushing the company’s value back toward the $2 trillion level it topped last week.
The state-owned oil company listed 1.5% of its shares at 32 riyals on Riyadh’s Tadawul exchange on December 11 in the world’s largest initial public offering (IPO).
Initially valued at $1.7 trillion, the shares topped $2 trillion, last Thursday.
Additional demand, particularly from “passive” investors, is expected this week, as Aramco’s shares will join the Tadawul index and global benchmarks such as MSCI.
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