|03 December, 2019

Mideast Stocks: Saudi rises on strong private sector data, Egypt extends losses

Lender COMI weighs on Egypt

Traders monitor stocks at the Saudi Hollandi Bank in Dammam, 350 km (217 miles) east of Riyadh March 28, 2011. REUTERS/Zaki Ghawas

Traders monitor stocks at the Saudi Hollandi Bank in Dammam, 350 km (217 miles) east of Riyadh March 28, 2011. REUTERS/Zaki Ghawas

Saudi Arabia's stock market rose on Tuesday on the back of rising oil prices and robust non-oil private sector data, while Egypt fell as the same sector there dropped to a more than two-year low in the last month.

Oil prices edged higher on expectations of deeper output cuts when OPEC and its allies meet this week. 

Brent futures rose 43 cents to $61.35 a barrel by 0924 GMT.

Saudi Arabia is pushing for the cut in oil supplies to deliver a positive surprise to the market before the listing of state-owned oil giant Saudi Aramco, the sources said.

Aramco plans to sell 1.5% of its shares in a deal that could raise up to $25.6 billion for which Institutional investors have already put in 144.1 billion riyals ($38.4 billion) worth of bids. 

Institutional investors still have until Wednesday to place orders.

The kingdom's seasonally adjusted Purchasing Managers' Index (PMI) rose to 58.3 in November, up from 57.8 in October and the highest in over four years. Any reading above 50 indicates expansion. 

Saudi's index closed 0.6% up with Al Rajhi Bank increasing 1.1% and Riyad Bank adding 2.5%.

Saudia Dairy And Foodstuff (SADAFCO) rose 2.5% after its board recommended a higher dividend for the first half. 

In Egypt, the blue-chip index was down 0.5% in its third session of consecutive losses with the market heavyweight Commercial International Bank Egypt shedding 0.5%.

Activity in Egypt's non-oil private sector fell to a more than two-year low in November, a survey showed on Tuesday. 

Qatar's index traded flat as Qatar Islamic Bank slipped 1.7%, while Industries Qatar rose 1.2%.

The Dubai and Abu Dhabi stock markets are closed for three days of public holidays and will resume trading on Wednesday.

(Reporting by Maqsood Alam in Bengaluru; Editing by Giles Elgood) ((Maqsood.Alam@thomsonreuters.com;))

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