Shares in Saudi Aramco soared over 4 percent to an all-time closing high in Monday’s trading session on the Saudi stock exchange.
Saudi Aramco rose 4.1 percent to a record closing high of 39.25 riyals ($10.4). Its market cap exceeded 7.8 trillion riyals ($2.1 trillion).
Last week, Crown Prince Mohammed bin Salman transferred 4% of Saudi Aramco shares worth $80 billion to the Kingdom’s sovereign wealth fund.
Saudi Arabia’s PIF advanced to the sixth position among the world’s largest sovereign wealth funds (SWFs), with assets totaling 2.172 trillion riyals ($580 billion).
At the closing bell, Saudi Arabia's benchmark index (.TASI), climbed 0.8 percent or 98 points, to 12,562 points.
Total turnover reached 11.5 billion riyals, reaching the highest level in two months.
The Saudi market will be closed on Tuesday on the occasion of the Founding Day. Meanwhile, STC generated revenues of 63.4 million riyals ($16.9 million) in 2021, up 7.57 percent, compared to last year. STC recorded a 2.87 percent rise in consolidated net profits to 11.31 billion riyals ($3 billion) in 2021, compared to last year.
