Saudi mining stocks surge 20% in Riyadh debut despite Middle East war tensions
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Golden Ten Data reported on March 11 that Saudi mining company Saleh saw its stock price surge during its debut in Riyadh. Despite the ongoing war between the US, Israel, and Iran entering its 12th day, and continued missile and drone attacks targeting the Gulf region, the company managed to withstand the pressure. The stock price of this mining and building materials company soared by as much as 20%, reaching 54.20 riyals (with its issue price set at 45 riyals on February 9), before narrowing its gains to 51.80 riyals. Trading was temporarily suspended within the first 20 minutes after opening. Notably, the issue price was determined more than two weeks before the outbreak of hostilities. Compared to the UAE, Saudi Arabia faces fewer direct attacks from Iran. Nevertheless, several companies in the UAE still plan to go public as early as this year, with potential large-scale deals including Emirates Global Aluminium and Saudi contractor Mutlaq.
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