Saudi bourse retreats on weak oil, registers weekly loss

Nov 18 (Reuters) - Saudi Arabia's stock market ended lower on Thursday and recorded its third weekly loss in four, tracking weaker oil prices, while other major Gulf bourses traded mixed.

Oil prices slid to six-week lows before recovering some ground, as China said it was moving to tap reserves after a Reuters report that the United States was asking large consuming nations to consider a stockpile release to lower prices.

The bid by the U.S. to cool markets, asking China to join a coordinated action for the first time, comes as inflationary pressures - partly driven by surging energy prices - start to produce a political backlash. read more

Saudi Arabia's benchmark index (.TASI) dropped 1%, weighed down by a 1.8% fall in Al Rajhi Bank (1120.SE) and a 1.7% decline in petrochemical maker Saudi Basic Industries Corp (2010.SE).

In Abu Dhabi, the index after its subsidiary Trojan General Contracting formed a joint venture to construct Guggenheim Abu Dhabi.

Separately, the United Arab Emirates signed 23 agreements with local and international companies worth around 22.5 billion dirhams ($6.1 billion) during the first four days of the Dubai Airshow, the Ministry of Defence said on its official Twitter account on Thursday. read more

Dubai's main share index (.DFMGI) rose 0.1%, with blue-chip developer Emaar Properties (EMAR.DU) putting on 0.8%, while Deyaar Development (DEYR.DU) jumped 4.4%, rising for a sixth consecutive session.

On Sunday, Deyaar reported a quarterly net profit of 8.2 million dirhams ($2.23 million), up from 4.5 million dirhams year ago.

Dubai Financial Market announced an incentives program to encourage initial public offerings and listings from private sector companies.

The Dubai index registered its sixth weekly gain.

In Qatar, the index (.QSI) gave up early gains to close 0.1% lower, hit by a 0.8% fall in Qatar Islamic Bank (QISB.QA).

Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1%, dragged down by a 1.9% slide in top lender Commercial International Bank (COMI.CA).

($1 = 3.6726 UAE dirham)

Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber

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