Saudi Arabia’s Tadawul securities market resumed trading on Wednesday after a technical issue led to the suspension of trading, the Saudi Exchange announced.
“Referring to the announcement published by the Saudi Exchange regarding (market suspension), Saudi Exchange would like to announce that the technical issue has been resolved and trading services are now functioning normally,” the Saudi Exchange said in a statement.
Saudi Arabia’s Capital Market Authority earlier announced the temporary suspension of trading due to an unexpected technical glitch, the official Saudi Press Agency (SPA) reported.
A specialized team worked to address and resolve the issue, according to the official Saudi Press Agency.
The Saudi Exchange also apologized for any inconvenience adding that it “assures traderes that it will always take all necessary measures to ensure market efficiency and fairness.”
Arab world’s largest stock exchange
With a market capitalization of nearly $2.6 trillion, Tadawul is the Arab world’s largest stock exchange.
Saudi Arabia’s stock exchange has converted itself into a holding company and will be renamed Saudi Tadawul Group ahead of the listing this year, Group Chief Executive Khalid al-Hussan has said.
The group will have four subsidiaries – its bourse Saudi Exchange, securities clearing and depository businesses and technology services.
It is planning an IPO of the group later this year and hired JP Morgan, Citigroup and the securities arm of Saudi National Bank for its initial public offering.