|02 December, 2019

Mideast Stocks: Saudi falls as banking shares slip; UAE markets closed for holiday

Saudi Arabian stock market snapped a two-day rally to trade lower on Monday

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

The Saudi Arabian stock market snapped a two-day rally to trade lower on Monday, pulled down by losses in banking shares, while Qatar was largely unchanged.

Dubai and Abu Dhabi stock markets are closed for three-day public holiday and will resume trading on Dec. 4.

Saudi Arabia's benchmark index fell 0.5%, with Al Rajhi Bank shedding 0.8% and National Commercial Bank decreasing 0.7%.

The kingdom's stock exchange Tadawul has introduced the index cap of 15%, a move designed to address concerns that oil giant Saudi Aramco will outweigh other listings socking up market liquidity when it lists on the exchange.

Aramco is expected to list 1.5% of its shares this month in a deal which could raise more than $25 billion.

The index ended the last month up 1.5% mainly, on net foreign purchases of stocks amounting to 2.67 billion riyals ($712.00 million) in November, according to Saudi exchange data released late on Sunday.

The index had lost 4.3% in October.

The Qatar's index traded roughly flat, with Gulf's largest lender Qatar National Bank  losing 0.2%.

The Kuwait index inched up 0.1% in its third session of consecutive of gains.

Kuwait Financial House added 1.2% to its gains of 4% in the previous session, as it obtained a go-ahead from Bahrain central bank for acquisition of Ahli United Bank. 

($1 = 3.7500 riyals)

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

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