With extraordinary gains, Aramco’s share giant, National Oil Company, ended May trading gains for the second month in a row, recording its second largest gain since listing after rising 4.3 percent to 33 riyals, which is higher than the offering price of 32 riyals.
The stock was able during the trading movement last April, gains of about 4.98%, the highest gains for the share since its listing at the end of 2019, after the stock recorded its lowest level at 27 riyals in mid-March, as a result of low oil prices due to the failure of the “OPEC Plus” agreement in At that time, global oil demand was also affected by the outbreak of the Coruna virus.
With this, the stock achieved an increase from its lowest level in March / about 22.4 percent, bringing the company’s market value, at the close of yesterday, to about 6.6 trillion riyals (1.76 trillion dollars).
This comes amid a significant increase in oil prices, as a result of the leadership of Saudi Arabia in the largest reduction in production after the OPEC + agreement, as well as optimism in the recovery of demand led by China and the gradual return of open global economies.
Oil prices recorded their biggest monthly gains in years, as crude rose 88 percent in May, its largest monthly gain ever, while Brent crude rose 40 percent, the strongest monthly increase since 1999.
Most of the shares of petrochemical companies continued to rise during the month of May, after the April gains that preceded it, led by (SABIC), SAFCO Yansab and Al-Advanced Company, due to the rise in oil prices, ignoring the significant decline in its profits during the first quarter of this year.
“SABIC” shares achieved the best monthly performance in five years, after its shares increased in May by 14.6%, recording the highest gains since April 2015.
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