October 21, 2019 / 1:07 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 lower.     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 year.     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 year.      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                points  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 Donovan)   

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