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Saudi Aramco joins TASI today

Saudi Aramco shares will join Tadawul All Share Index (TASI) and the Energy Industry Group Index, as of the start of trading today, Dec. 18.

To include the stock in the benchmark index, Tadawul relied on its closing price yesterday – the fifth trading day – that reached SAR 37.75.

On Dec. 1, the main market updated its indices methodology for the development and management of Tadawul equity indices, Argaam reported.

Tadawul applied a new “fast entry” rule, under which shares of significantly massive IPOs join TASI at the close of the fifth trading day.

Saudi Aramco’s shares gained nearly 18% by the close of trading yesterday Dec. 17, compared to the offer price of SAR 32. The company’s market value stood at SAR 7.55 trillion ($2.01 trillion).

The giant oil producer’s weight in the Saudi market reached 12%, taking the second place among heavyweights after Al Rajhi Bank (13.84%).