January 21, 2020 / 1:08 PM / a month ago

MIDEAST STOCKS-Egypt extends losses in subdued Gulf

    * All but five of Egypt's 30 stocks retreat
    * Saudi Aramco dips 0.1% to 34.6 riyals
    * Masraf Al Rayan gains on profit rise
    * First Abu Dhabi Bank the biggest drag on index

    By Ateeq Shariff
    Jan 21 (Reuters) - Middle Eastern stock markets were largely
subdued on Tuesday, mirroring global stocks, as mounting
concerns about a new strain of coronavirus in China dampened
risk appetite. 
    The death toll from the coronavirus outbreak in China
climbed to six On Tuesday as authorities reported a surge in new
cases.
    The National Health Commission (NHC) put the number of
confirmed cases at 291 by the end of Monday, but further
information from individual provinces on Tuesday showed a
widening geographic spread.
    Egypt's blue-chip index fell for a second day,
retreating 1%, with 25 of 30 stocks easing on the index.
    The country's largest lender, Commercial International Bank
, eased by 0.2% and tobacco monopoly Eastern Company
 lost 1.3%.
    Exchange data showed Egyptian investors were net sellers of
the stocks.
    The Saudi benchmark index dropped 0.3%, with Al
Rajhi Bank down 0.5% and Saudi Basic Industries
 retreating by 1%.
    The International Monetary Fund trimmed its forecast for
Saudi Arabia's economic growth to 1.9% this year because of oil
output cuts agreed with oil exporters, having previously
forecast gross domestic product growth of 2.2%.
    Riyadh led an agreement last month that committed the OPEC+
group of oil producers to some of the deepest output cuts in a
decade to avert oversupply and support prices.
    Elsewhere, state-owned oil giant Saudi Aramco
slipped 0.1% to 34.6 riyals ($9.22).
    The Abu Dhabi index lost 0.6%, driven down by a 1.4%
fall in the country's largest lender, First Abu Dhabi Bank
, and a 0.2% decrease in telecoms company Etisalat
.
    Qatar's index traded flat as Masraf Al Rayan
 gained 1.5% after posting a higher annual profit while
Qatar Insurance declined by 1.2%.
    The Dubai index edged up 0.1%, with its largest
lender, Emirates NBD, adding 0.4% and logistic company
Aramex gaining 1.4%.
        
 SAUDI ARABIA          fell 0.3% to 8,445 points
 ABU DHABI            dropped 0.6% to 5,185 points
 DUBAI                  edged up 0.1% to 2,855 points
 QATAR                traded flat at 10,694 points
 EGYPT                  down 1% to 13,636 points
 BAHRAIN              was up 0.1% to 1,644 points
 OMAN                 slipped 0.4% to 4,060 points
 KUWAIT               was down 0.2% at 7,107 points
 

($1 = 3.7515 riyals)

 (Reporting by Ateeq Shariff in Bengaluru
Editing by David Goodman)
  
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