MIDEAST STOCKS-Major Gulf markets fall as Aramco IPO oversubscribed

    * Nine of 11 Saudi banks fall
    * Leejam Sports slips on lower third quarter dividend
    * 27 of 30 Egyptian blue-chips decline
    * KFH lifts Kuwait after AUB acquisition nod

    By Maqsood Alam 
    Dec 2 (Reuters) - Most Middle Eastern markets dropped on
Monday as investors appeared to have offloaded their positions
to invest back into Saudi Aramco's initial public
offering (IPO) which was oversubscribed by more than twice the
number of shares on offer.
     Institutional investors have already put in 144.1 billion
riyals ($38.4 billion) worth of bids for Aramco's planned IPO,
which is more than double the capital it seeks to raise from
institutions, financial advisers for the IPO said on Monday.

    Institutional investors still have until Dec. 4 to place
orders.
    OPEC and its allies plan to deepen oil cuts and have the
deal in place so it runs at least until June 2020 as Saudi
Arabia wants to deliver a positive surprise to the market before
the listing of Saudi Aramco, two sources familiar with the talks
said.
    Saudi Arabia's benchmark index closed down 0.9% with
Al Rajhi Bank slipping 1% and Saudi Basic Industries
 shedding 1.9%.
    Leejam Sports Company lost 1.1% after the gym
network operator proposed a lower dividend for the third quarter
compared with the same period last year.
    Egypt's blue-chip index dropped 1.7% as most of its
members traded lower. Commercial International Bank Egypt
 fell 1% and El Sewedy Electric declined
4.7%.
    Local and Arab foreign investors were net sellers of
Egyptian shares, according to the stock exchange data. 
   The Qatar's index slipped back 0.1% after snapping a
three-day losing streak in the previous session. Mesaieed
Petrochemical Holding shed 1.9% and Industries Qatar
 was down 0.5%.
    However, Kuwait's index closed up 0.4%, buoyed by
gains in banking shares. National Bank of Kuwait edged
up 0.1%.
    Kuwait Finance House added a further 0.8% to
previous session's gain following Bahrain central bank's
approval for acquisition of Ahli United Bank.
    Dubai and Abu Dhabi stock markets are closed for three-day
public holiday and will resume trading on Dec. 4.
 SAUDI ARABIA          was down 0.9% to 7,833 points
 QATAR                slipped 0.1% to 10,182 points
 EGYPT                  fell 1.7% to 13,538 points
 BAHRAIN              was up 0.3% to 1,538 points
 OMAN                 was flat at 4,075 points
 KUWAIT               was up 0.4% to 6,662 points
 
 (Reporting by Maqsood Alam in Bengaluru
Editing by Chizu Nomiyama)