Saudi markets fall as banking shares fall; UAE markets closed for holiday

Saudi Arabia’s markets snapped a two-day rally to trade lower on Monday, pulled down by losses in banking shares, while Qatar was largely unchanged.

Dubai and Abu Dhabi stock markets are closed for three-day public holiday and will resume trading on December 4.

Saudi Arabia’s benchmark index fell 0.5 percent, with Al Rajhi Bank shedding 0.8 percent and National Commercial Bank decreasing 0.7 percent.

The kingdom’s stock exchange Tadawul has introduced the index cap of 15 percent, a move designed to address concerns that oil giant Saudi Aramco will outweigh other listings socking up market liquidity when it lists on the exchange.

Aramco is expected to list 1.5 percent of its shares this month in a deal which could raise more than $25 billion.

The index ended the last month up 1.5 percent mainly, on net foreign purchases of stocks amounting to 2.67 billion riyals ($712.00 million) in November, according to Saudi exchange data released late on Sunday.

The index had lost 4.3 percent in October.

The Qatar’s index traded roughly flat, with Gulf’s largest lender Qatar National Bank losing 0.2 percent.

The Kuwait index inched up 0.1 percent in its third session of consecutive of gains.

Kuwait Financial House added 1.2 percent to its gains of 4 percent in the previous session, as it obtained a go-ahead from Bahrain central bank for acquisition of Ahli United Bank .

Source: Reuters