November 24, 2019 / 1:32 PM / 13 days ago

MIDEAST STOCKS-Saudi snaps five days of gains with most Gulf markets subdued

    * Most Saudi banks fall after recent gains
    * Saudi Airlines Catering, Abdullah Al Othaim slip on
ex-dividend
    * Commercial Bank weighs on Qatar
    * Egypt falls for a fifth day

    By Shakeel Ahmad
    Nov 24 (Reuters) - The Saudi Arabian stock market snapped a
five-day rising streak on Sunday with lenders taking a breather
after riding high on a lending boom related to Saudi Aramco's
public listing.
    Other markets in the region were mostly lower as concerns
surrounding global trade persisted. 
    To help local Saudis to buy Aramco shares, banks are
marketing loans, with some offering four times the usual lending
limit, two financial sources told Reuters earlier this month.

    The jump in lending has prompted Saudi Arabia's central bank
to monitor banking sector liquidity on a daily basis but there
have not been any issues so far, the central bank governor said.

    Aramco plans to sell 1.5% of the company, aiming to raise as
much as $25.6 billion in proceeds. It has already attracted
approximately 73 billion riyals ($19.5 billion) in institutional
and retail orders so far according to Saudi Arabia's Samba
Financial Group.
    Saudi's index fell 0.8% with Al Rajhi Bank
falling 1.1% and Bank Saudi Fransi dropping 1.5%.  
    Saudi Airlines Catering and Abdullah Al Othaim
Markets closed down 2.9% and 3.2% respectively as the
stocks traded ex-dividend.
    The Qatar index was down 0.1%, led by a 2.2% drop in
Qatar Commercial Bank.
    Abu Dhabi's index traded flat as Aldar Properties
 and Emirates Telecom pushed the index
sideways, with the former gaining 1.8% and the latter slipping
0.5%. 
    "(Local markets are) taking a cue from global markets that
are worried around U.S.-China trade talks", said Vrajesh
Bhandari, senior portfolio manager at Al Mal Capital, adding
that the Aramco IPO was receiving "a good response" from local
investors.
    Dubai's index edged up 0.1% supported by a 0.4%
rise in its largest lender Emirates NBD. 
    Egypt's blue-chip index fell for a fifth straight
session, losing 0.3%, with Commercial International Bank
 shedding 0.9%. 
    
 SAUDI ARABIA  The index         fell 0.8% to 8,000 points
 ABU DHABI     The index        was flat at 5,041 points
 DUBAI         The index          was up 0.1% to 2,687 points
 QATAR         The index        was down 0.1% to 10,254 points
 EGYPT         The index          fell 0.3% to 14,050 points
 BAHRAIN       The index        was flat at 1,506 points
 OMAN          The index        was flat at 4,081 points
 KUWAIT        The index        rose 0.4% to 6,339 points
    
    

 (Reporting by Shakeel Ahmad in Bengaluru; Editing by Kirsten
Donovan)
  
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