Tadawul trading screen
Shares of ADES Holding Co. and Arabian Drilling Co. continued to retreat today, Jan. 31, plummeting by 10%.
On Jan. 30, the two stocks sank by the maximum trading limit. During the same session, shares of East Pipes Integrated Co., Arabian Pipes Co. and Saudi Steel Pipe Co. (SSP) also declined by 8%-10%.
This downturn followed the announcement by Saudi Arabian Oil Co. (Saudi Aramco), on Jan. 30, on directives from the Ministry of Energy to maintain a maximum sustainable capacity (MSC) of 12 million barrels per day (mbpd). There will be no further increase in the MSC to the previously target level of 13 million mbpd.
|
Performance |
|||
|
Company |
Intraday Low |
Change (%)* |
Trading Volume (mln shares) |
|
ADES |
19.96 |
(10%) |
7.0 |
|
Arabian Drilling |
167.20 |
(10%) |
3.0 |
|
Arabian Pipes |
117.20 |
(5%) |
1.0 |
|
East Pipes |
82.50 |
(4%) |
0.8 |
|
Saudi Steel Pipe |
33.35 |
(3%) |
1.4 |
*Compared to yesterday’s price
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