Saudi Aramco’s shares closed Monday’s trading up 4.11 percent at SAR 39.25, approaching the price of 40 riyals per share, which is the highest level since the listing.
Through the trade of 39.7 million shares, Aramco’s stock surpassed the market’s trading value by around SAR 1.6 billion, while its market value exceeded $2 trillion.
The increase in Aramco’s stock coincided with a 0.79 percent increase in the Saudi stock market’s main index, “TASI,” to 12,561 points at the close.
Trading on 260 million shares generated a total trading value of SAR 11.5 billion, and the market capitalization was SAR 10.68 trillion ($2.85 trillion).
The oil sector topped the market’s gains, up 3.6 percent, and the consumer services sector, up 1.83 percent, thanks to Aramco’s share performance.
The Saudi Crown Prince, Mohammed bin Salman, has announced the transfer of 4% of the Saudi Arabian Oil Company “Saudi Aramco” to the Public Investment Fund.
Aramco is benefiting from rising oil prices in global markets, which are exacerbated by worries of a Russian invasion of Ukraine.