Saudi shares fall as Aramco IPO oversubscribed; Emirates NBD lifts Dubai

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 December 4 to place orders.

The Saudi index edged down 0.1 percent with Al Rajhi Bank falling 0.5 percent and National Commercial Bank sliding 0.4 percent.

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 rose 0.5 percent as market heavyweight Emirates NBD Bank rebounded 2.1 percent from a 2.5 percent 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 jumped 2.4 percent 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 was up 0.5 percent with telecoms group Etisalat adding 1.4 percent and First Abu Dhabi Bank gaining 0.3 percent.

Qatar’s index edged down 0.1 percent led by a 0.7 percent drop in Industries Qatar and a 1.4 percent decline in Qatar International Islamic Bank.

Source: Reuters