October 21, 2019 / 1:10 PM / 25 days ago

MIDEAST STOCKS-Banks lead Saudi lower, most other Gulf markets dip

    * Saudi snaps 3-day winning streak
    * Yansab slides on poor Q3 earnings
    * Financials weak in Egypt
    * Emirates NBD extends losses

    By Ateeq Shariff
    Oct 21 (Reuters) - Saudi Arabia's stock market retreated on
Monday, snapping a three-day winning streak and hurt by falls in
banking shares, while other major Gulf markets mostly ended
    The Saudi index closed down 0.3% with Al Rajhi Bank
 shedding 1% and Riyad Bank dropping 2.5%.
    Yanbu National Petrochemicals (Yansab) was the top
loser on the index, down 3.6%. The Company's profit more than
halved in the third quarter, compared with the same period last
    Saudi Arabian consumer prices fell in September compared
with a year earlier for the ninth month in a row, but at the
slowest pace so far this year, government data showed on Monday.

    Separately, Saudi Aramco IPO-ARMO.SE has put off the
planned launch of its initial public offering (IPO) in hopes
that pending third-quarter results will bolster investor
confidence in the world's largest oil firm, Reuters reported on
Friday citing two sources familiar with the matter.
    Aramco was expected to announce plans this week to float a
stake of between 1% and 2% on the kingdom's Tadawul market, in
what would have been one of the world's largest ever public
offerings, worth more than $20 billion.
    The Egyptian blue-chip index dropped 0.4% as
Commercial International Bank slipped 0.3% and Egypt
Kuwait Holding fell 1.5%.
    Dubai's main share index slipped 0.1% extending its
losses for the third straight session. Emirates NBD
and blue-chip developer Emaar Properties lost 0.8% and
0.5% respectively.
    The former has been falling since Thursday after its board
approved a capital increase via a rights issue of up to 6.45
billion dirhams ($1.76 billion), lower than the 7.35 billion
dirhams the general assembly had decided on in February this
    The Qatari index eased 0.2% with lender Masraf Al
Rayan dropping 1% and Qatar Islamic Bank
ending 1.3% lower.
    The Abu Dhabi index bucked the trend, closing 0.3%
higher with the country's largest lender First Abu Dhabi Bank
 adding 0.3% and Emirates Telecommunications
 up 0.4%.
 SAUDI ARABIA  The index         fell 0.3% to 7,764 points
 ABU DHABI     The index        gained 0.3% to 5,102 points
 DUBAI         The index          edged up 0.2% to 2,764 points
 QATAR         The index        fell 0.2% to 10,397 points
 EGYPT         The index          was down 0.4% to 14,179
 BAHRAIN       The index        was flat at 1,527 points
 OMAN          The index        was unchaged at 4,016 points
 KUWAIT        The index        was up 0.3% at 6,272 points
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten
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