|08 December, 2019

Mideast Stocks-Banks boost Saudi stocks, property shares lift Dubai

Qatar's index traded flat with the Gulf's largest lender Qatar National Bank dropping 0.7%

Saudi Arabia's stock market rose sharply on Sunday, buoyed by gains in banking shares, while Dubai's index was up as most of its real estate stocks opened higher.

In Saudi Arabia, the benchmark index rose 1.6% as Al Rajhi Bank increased 1.4% and National Commercial Bank advanced 2.6%.

Elsewhere, Arabian Centres added 2.9% after its board approved a 0.90 riyal per share dividend for the first half. 

Meanwhile State-owned oil giant Saudi Aramco has priced its initial public offering (IPO) at 32 riyals ($8.53), the top of its indicative range, the company said on Thursday, which would make it the world's biggest flotation by raising more than Alibaba's $25 billion listing in 2014.

Aramco's advises said they may partly or fully exercise a 15% "greenshoe" option, allowing it to increase the size of the deal to a maximum of $29.4 billion.

Also, Saudi Stock Exchange Tadawul on Friday said that trading in Aramco's shares will commence on Dec. 11. 

In Dubai, the index gained 0.6%, supported by gains in real estate stocks. Contractor Arabtec Holding soared 10.4% and Developer DAMAC Properties advanced 3.8%.

Earlier in December, an Arabtec unit obtained a construction contract in Egypt worth 1.6 billion Egyptian Pounds ($99.6 million).

In Abu Dhabi, the index was down 0.2% with telecoms group Etisalat shedding 0.4% and First Abu Dhabi Bank easing 0.1%.

However, Qatar's index traded flat with the Gulf's largest lender Qatar National Bank dropping 0.7%, while Industries Qatar was up 0.7%.

($1 = 16.0600 Egyptian pounds) ($1 = 3.7500 riyals)

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Elaine Hardcastle) ((shamsuddin.mohd@thomsonreuters.com; +918067497252;))

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