|10 December, 2019

Mideast Stocks: Saudi stocks ends winning streak before Aramco's debut

All Saudi banks decline but one

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

REUTERS/Stringer

 Saudi Arabia's stock market fell on Tuesday, ending a three-day winning streak, as investors braced for Saudi Aramco's debut trade on Wednesday.

In Saudi, the benchmark index decreased 0.7% with National Commercial Bank shedding 2% and Saudi British Bank 1060.SE sliding 3.1%.

Elsewhere, Prince Alwaleed bin Talal's firm Kingdom Holding plunged 6.1%.

Oil giant Saudi Aramco is listing its shares on Wednesday on the Saudi exchange after completing the largest initial public offering on record.

Aramco priced its initial public offering at 32 riyals ($8.53) per share last Thursday, raising $25.6 billion and beating Alibaba Group Holding Ltd's record $25 billion listing in 2014.

Meanwhile, Saudi Arabia announced a 1.02 trillion-riyal ($272.00 billion) budget for 2020 on Monday, a slight fall in spending that reversed three years of expenditure increases intended to spur growth.

The Qatari index rose 0.4%, driven by a 1.3% gain in Industries Qatar and a 0.7% increase in Qatar National Bank following its appointment of Abdulla Mubarak Al-Khalifa as group chief executive.

Qatar is sending its prime minister to an annual summit of Gulf Cooperation Council leaders in Saudi Arabia on Tuesday, a sign of a potential thaw in a two-and-a-half-year Gulf dispute. 

Outside of the Gulf, Egypt's blue-chip index added 0.5%, ending four straight days of losses. Commercial International Bank was up 0.7%, while El Sewedy Electric advanced 2.7% after its unit signed a 638.4 million Egyptian-pound ($39.75 million) construction and engineering contract. 

Egypt's annual urban consumer price inflation rose to 3.6% in November from 3.1% in October, the official statistics agency CAPMAS said on Tuesday. 

In Dubai, the index edged up 0.1% as Emirates NBD added 1.7% and Dubai Islamic Bank rose 0.8%.

However, the gains were capped by losses in real estate stocks. Emaar Properties and DAMAC Properties shed 1.2% and 4.2%, respectively.

Te Abu Dhabi index slipped 0.1%, led by a 0.3% fall in First Abu Dhabi Bank.

($1 = 3.7500 riyals)

($1 = 16.0600 Egyptian pounds)

(Reporting by Ateeq Shariff in Bengaluru, editing by Larry King) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

More From Markets