Saudi Aramco drops for 1st time since last week’s record IPO

DUBAI : Shares in Saudi Aramco fell, losing ground for the first time since the oil giant’s record initial public offering last week, and ahead of the stock’s inclusion into the MSCI Emerging Markets Index.

Aramco finished 0.7% lower at 37.75 riyals on Tuesday. It is still up 18% from the initial public offering price of 32 riyals.

Index compiler MSCI Inc. will use Tuesday’s closing price in its calculations for the inclusion of the stock into its benchmarks. The Saudi stock exchange extended the closing auction on Tuesday to accommodate demand tied to the MSCI addition. The stock will also be included via an accelerated process in gauges compiled by FTSE Russell and S&P Dow Jones indexes this month.