Saudi Aramco shares hit lowest since IPO, down 1.7%

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DUBAI (Reuters) – Shares of Saudi Aramco (SE:) were down 1.7% in late afternoon trade on Sunday, hitting 34.55 riyals ($9.21) per share, its lowest level since it started trading last month after a record initial public offering (IPO).

The shares reacted to across-the-board selling in Gulf markets after Iranian military commander Qassem Soleimani was killed on Friday in a U.S. drone strike on his convoy at Baghdad airport.

Aramco was trading above its IPO price of 32 riyals per share, but was down 10.7% since hitting an intraday high of 38.70 riyals on Dec 31.

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