World Markets

MIDEAST STOCKS-Saudi index falls as Aramco IPO oversubscribed; Emirates NBD lifts Dubai

Credit: REUTERS/FAISAL AL NASSER

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.

Changes day to Wednesday

Dec 4 (Reuters) - Saudi Arabian stocks eased on Wednesday 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 .TASI edged down 0.1% with Al Rajhi Bank 1120.SE falling 0.5% and National Commercial Bank 1180.SE 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 .DFMGI rose 0.5% as market heavyweight Emirates NBD Bank ENBD.DU 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 ARTC.DU 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 .ADI was up 0.5% with telecoms group Etisalat ETISALAT.AD adding 1.4% and First Abu Dhabi Bank FAB.AD gaining 0.3%.

Qatar's index .QSI edged down 0.1% led by a 0.7% drop in Industries Qatar IQCD.QA and a 1.4% decline in Qatar International Islamic Bank QIIB.QA.

($1 = 3.7500 riyals)

($1 = 16.0600 Egyptian pounds)

(Reporting by Shamsuddin Mohd in Bengaluru Editing by Alexandra Hudson)

((shamsuddin.mohd@thomsonreuters.com; +918067497252;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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