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
    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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