Aramco shares, market value at all-time high

Shares of Saudi Arabian Oil Co. (Saudi Aramco) hit their all-time high since listing, at SR 42.25 with market value exceeding SR 8.4 trillion (equivalent to $2.24 trillion).

The surge came due oil jump above $100/barrel as Russia launched military attacks against Ukraine after President Vladimir Putin authorized what he called a special military operation.

Saudi Crown Prince Mohammed bin Salman announced transferring 4% of Aramco to the Public Investment Fund (PIF). Meanwhile, Saudi stock exchange main index TASI down over 2.5% or 300 points two hours after the session started to reach 12,200 points with a trading value of SR6.2 billion.

Shares of Al Baha, Aramco, Jadwa REIT and Zamil experienced increase within the first two hours of trading, while shares of Alinma Bank, Gypsum, and East Pipes declined.