Saudi Aramco share price jumps 2%.. and two experts expect its rise to continue

Saudi Aramco share price jumps 2%.. and two experts expect its rise to continue

Aramco’s share price jumped higher today, Sunday, May 7 (2023), achieving gains of 2%, with the approaching date of announcing the company’s quarterly business results.

The Saudi oil giant is preparing to announce its business results for the first quarter of this year (2023), on Tuesday, May 9, which is expected to witness strong quarterly profits, with the company expanding its foreign projects during the past months.

It is noteworthy that the share price of Aramco had achieved a rise last March, after the company announced its financial results for the year 2022, which recorded a record net income of 604 billion riyals ($161.1 billion), which is the highest annual profit in its history, according to the information I have seen. specialized power platform.

Aramco share price today

At the end of trading today, Sunday, May 7, Aramco’s share price increased by 2%, bringing the share price to 35.75 riyals (9.53 US dollars), according to the data published by the Saudi Tadawul platform.

The number of deals on Aramco shares reached about 9,928 deals, while the volume of traded shares amounted to about 5,310,103 shares, with a financial value of about 189. One million 820 thousand and 568 riyals, according to the information seen by the specialized energy platform.

And the market value of Saudi Aramco’s shares had risen, on April 26, 2023, to the second place in the list of the largest companies in terms of market value globally, after the company succeeded in displacing the American Microsoft from the same position.

The following graph, prepared by the specialized energy platform, shows the results of Aramco’s operations in the fourth quarter of 2022, compared to previous years:

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The rise of the Saudi oil giant was supported by the gains achieved by Aramco’s share price on the Saudi Tadawul market, which recorded its highest level in 6 months, a few weeks after announcing the company’s business results, which recorded the highest profits in its history.

An expected rise in Aramco shares

Hanan Ramses, a financial market analyst in Egypt, said that the Saudi market is awaiting the announcement of the results of several companies, led by Aramco, which has recently been able to achieve rapid growth in sales, open new markets, and increase its presence in Asian markets.

And she explained, in exclusive statements to the specialized energy platform, that the Saudi company has strengthened its presence in the Asian markets, by reducing the prices of selling Arab Light crude oil to it, which positively affected the share price during Sunday’s trading, in the first sessions of the week, to approach 36 riyals ($ 9.6). ).

Aramco share price on the main screen of the Saudi Tadawul market - photo from Bloomberg
Aramco share price on the Saudi Tadawul screen in a previous session – Image from Bloomberg

She explained that this rise in the Aramco share price is a pivotal point, and therefore, in the event that the results are announced and confirmed, the stock index is expected to witness further rise, with areas to protect profits at every rise in the share price, with the reconfiguration of purchasing positions at every A decrease in the share price, which became at 32 riyals, which is a major support point, after it was 30 riyals, when the index could not cross the 10,500-point area in the second half of last year 2022.

Positive performance before results are announced

For his part, Hossam Eid, the investment director of one of the securities trading companies in Egypt, said that the share of the Saudi oil giant Aramco achieved positive performance and remarkable activity during Sunday’s trading, as it closed up by about 2%.

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Eid explained, in exclusive statements to the specialized energy platform, that the stock’s closing at 35.75 Saudi riyals ($9.53), the highest price in 6 months, was driven by the approaching announcement of business results for the first quarter of this year 2023.

Hossam Eid pointed out that there is a continuous trend by financial institutions towards buying, opening and increasing financial centers, with continued expectations of a recovery in demand for Saudi oil globally, which reflected positively on the performance of the stock, and pushed it towards rising to its highest price levels since the beginning of the year.

The financial expert confirmed that Aramco’s share price is heading with this positive performance towards testing and restoring the main resistance level, which is 36, and its breach and stability above, targeting the second resistance level, which is 36.80.




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