September 17, 2019 / 1:27 PM / a month ago

MIDEAST STOCKS-Saudi stocks stumble as Aramco oil supply disruption felt

    * SABIC slides as goes ex-dividend
    * All property shares slide in Dubai
    * 26 of 30 stocks on Egypt index fall
    * Financial shares weak in Qatar 

    By Ateeq Shariff and Shamsuddin Mohd
    Sept 17 (Reuters) - Saudi Arabian shares fell on Tuesday,
with petrochemical stocks under pressure after the weekend
attacks on Saudi Aramco's oil facilities disrupted the kingdom's
oil supply.
    Saudi Arabia's stock index declined 0.7%, with the
Gulf's largest petrochemical firm Saudi Basic Industries (SABIC)
 dropping 3.2% as the firm traded ex-dividend.
    In addition, SABIC and other petrochemicals firms announced
significant reductions in their feedstock supplies following
Saturday's attacks on the Aramco facilities.
    Saudi Arabia has shut down its crude oil pipeline to Bahrain
and Aramco informed PetroChina that its loadings of
light crude oil for October will be delayed by about 10 days.

    Moreover, at least two refined product tankers that were due
to load at Saudi Arabia's Jubail port in mid to late September
have been diverted.
    Saudi Aramco is pressing ahead with meetings with bankers
this week over its planned domestic listing, sources told
Reuters although some investors and analysts doubt it can now
meet its timeline after the weekend attacks.
    Among other Saudi stocks, Riyad Bank and National
Commercial Bank were down 3.7% and 0.9% respectively.
    Among other Middle East markets, Egypt's blue-chip index
 dropped 1.5%, with 26 of thirty stocks declining.
    The country's largest lender Commercial International Bank
 shed 0.5% and Qalaa Holdings plunged 7.9%.
    In Dubai, the index lost 1%, led by blue-chip
developer Emaar Properties which was down 3%, while
Dubai Islamic Bank closed 0.9% lower.
    Dubai house prices will decline sharply this year and next,
according to property market experts in a Reuters poll conducted
earlier in September.
    The experts said a slowdown in the economy and an oversupply
of housing units are big downside risks to their already weak
outlook.
    Property prices have contracted by 25-35% since a mid-2014
peak and there will be no respite until 2022 at least, the poll
showed.
    While a recently announced government stimulus package could
spur a recovery in the real estate market, the chances are high
an over-supply of housing units would hurt prices and demand.
    Qatar's index slipped 0.4%, driven down by a 1.4%
fall in Qatar Islamic Bank and a 2.7% drop in Qatar
Insurance Company.
    In Abu Dhabi, the index edged up 0.2%, with the
United Arab Emirates' largest lender First Abu Dhabi Bank
 gaining 1%.
    
 SAUDI ARABIA  The index         fell 0.7% to 7,771 points
 ABU DHABI     The index        edged up 0.2% to 5,171 points
 DUBAI         The index          dropped 1% to 2,850 points
 QATAR         The index        slid 0.4% to 10,471 points
 EGYPT         The index          down 1.5% to 14,752 points
 BAHRAIN       The index        lost 0.7% to 1,514 points
 OMAN          The index        slipped 0.2% to 4,001 points
 KUWAIT        The index        was down 0.5% at 6,070 points
 
 (Reporting by Ateeq Shariff and Shamsuddin Mohd in Bengaluru;
Editing by Alexander Smith)
  
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