Reuters published a report on the decline in the Saudi stock market, today, ending a 3-day rally, amid a state of qualification for investors to start trading "Aramco" tomorrow, Wednesday.
The agency noted that the Saudi Stock Exchange index fell by 0.7%, where the share of National Commercial Bank fell 2% and the share of the Saudi British Bank fell 3.1%.
The share of Kingdom Holding Company, owned by Prince Alwaleed bin Talal, fell 6.1%.
The giant oil company, Aramco, will list its shares on the Saudi Stock Exchange on Wednesday after completing the largest initial public offering ever.
Aramco priced its initial offering at 32 riyals ($ 8.53) per share, raising $ 25.6 billion, outperforming the listing of the Alibaba Group of China, which was valued at $ 25 billion in 2014.
Meanwhile, Saudi Arabia announced on Monday a budget of 1.02 trillion riyals (272 billion dollars) for the fiscal year 2020, in a slight decline in spending after increasing it for three years in order to revive growth.
The Saudi crown prince had preached to the Saudi people that economic reforms had begun to pay off.
The Saudi crown prince, Prince Muhammad bin Salman, said that the economic reforms that have been taken in the past three years have begun to bear fruit, pointing out that the government has a clear vision, fixed goals and specific plans, and works to raise the quality of life for the citizen.
In a speech to him on the occasion of the issuance of the state's general budget for fiscal year 2020 and his keenness, Ibn Salman said that the stage of economic transformation adopted by the Kingdom’s government is progressing at a steady pace according to the Kingdom’s Vision 2030, according to the Saudi Press Agency.
He stressed that "the budget came to reinforce the commitment to implement the reforms, plans and programs aimed at achieving what the strategy contained and setting specific goals and multiple axes to achieve a vibrant society, a prosperous economy and an ambitious homeland."
He also clarified that the Kingdom has recently achieved a noticeable rise in the real GDP growth rates of the non-oil sector, and the government has worked to enable the private sector to play its main role in the economy with positive indicators and a number of business sectors have registered distinctive positive growth.
He continued, "The government has also implemented major projects in vital sectors and various activities that will contribute to achieving the goals of growth for economic activity and developing job opportunities for citizens."
He stressed the importance of participation with the private sector as a major and vital partner in development in the Kingdom, noting the ongoing reforms that the government is undertaking in developing the business climate and creating an attractive environment for investors to contribute to promoting economic growth, and this has resulted in a significant improvement in the Kingdom's ranking in international indicators concerned with competitiveness and ease of doing business. .
While the Saudi Energy Minister, Abdulaziz bin Salman, stressed that the success of the Aramco IPO affirms the value and strength of the Saudi state’s economy and enhances its economic approach.
He said that now the value of the state has been confirmed to everyone and the opinion of those who have subscribed to the state’s economy and its approach to the economic future, according to the Saudi Al-Arabiya satellite channel.
"Whoever did not subscribe to" Aramco "would bite the fingers of remorse for the misjudgment and hear the bad sources that wanted to frustrate our mission, the value of this country, the status of its economy, and the position of the company," he said with a smile.
The Saudi Stock Exchange announced, earlier, that trading in the shares of oil giant "Aramco" will start on December 11 this year.
The newspaper "Al-Sharq Al-Awsat" reported that the Saudi Stock Exchange Company (Tadawul) announced that the company’s shares will be listed and started trading from Wednesday with the symbol 2222, provided that the daily fluctuation rate for the share price is ± 10%.