Saudi Aramco shares hit lowest since IPO, down 1.7%
FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov
DUBAI (Reuters) – Shares of Saudi Aramco were down 1.7% in late afternoon trade on Sunday, hitting 34.55 riyals ($9.21) per share, its lowest level since it started trading last month after a record initial public offering (IPO).
The shares reacted to across-the-board selling in Gulf markets after Iranian military commander Qassem Soleimani was killed on Friday in a U.S. drone strike on his convoy at Baghdad airport.
Aramco was trading above its IPO price of 32 riyals per share, but was down 10.7% since hitting an intraday high of 38.70 riyals on Dec 31.
Reporting by Saeed Azhar; editing by Jason Neely