|04 December, 2019

Mideast Stocks: Saudi index falls as Aramco IPO oversubscribed; Emirates NBD lifts Dubai

The Saudi index edged down 0.1% with Al Rajhi Bank falling 0.5% and National Commercial Bank sliding 0.4%

Saudi Arabian stocks eased on Thursday as investments continued to flow into oil giant Saudi Aramco's initial public offering (IPO), while a rebound in Emirates NBD Bank propelled Dubai.

Saudi institutions have oversubscribed by almost three times the shares allocated to them as part of Aramco's IPO, giving orders worth 189.04 billion riyals ($50.4 billion).

They still have until Dec. 4 to place orders.

The Saudi index edged down 0.1% with Al Rajhi Bank falling 0.5% and National Commercial Bank sliding 0.4%

Dubai and Abu Dhabi stock markets were closed for the last three sessions for public holidays, and both gained when trading resumed on Wednesday.

The Dubai index rose 0.5% as market heavyweight Emirates NBD Bank rebounded 2.1% from a 2.5% slide in the last trading session.

The lender had dropped on Thursday after it cut between 400 and 500 jobs since October, Reuters reported citing sources, as banks in the United Arab Emirates reduce costs amid slower economic growth.

Builder Arabtec Holding jumped 2.4% after its unit Arabtec Constructions obtained a construction contract in Egypt worth 1.6 billion Egyptian Pounds ($100.25 million).

In Abu Dhabi, the index was up 0.5% with telecoms group Etisalat adding 1.4% and First Abu Dhabi Bank gaining 0.3%.

Qatar's index edged down 0.1% led by a 0.7% drop in Industries Qatar and a 1.4% decline in Qatar International Islamic Bank. ($1 = 3.7500 riyals) ($1 = 16.0600 Egyptian pounds)

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

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