Global Market News

Middle East Stocks Mostly Ease


Last updated: 12/02/2019 12:14:19

12:14 PM EST, 12/02/2019 (MT Newswires) -- Middle East shares mostly slip as investors were seen shuffling money into Saudi Aramco's initial public offering (IPO) which was oversubscribed by more than twice the number of shares on offer.

Institutional investors have until Dec. 4 to place orders.

Oil prices firmed on reports OPEC and its allies plan to deepen oil cuts and have the deal in place at least until June 2020.

In company news, Leejam Sports Company lost proposed a lower Q3 dividend from the year-ago period.

Kuwait Finance House continued to rise another day after Bahrain central bank approved the of Ahli United Bank.

Saudi Arabia fell 0.9% to 7,833 points, Qatar eased 0.1% to 10,182 points, Egypt slumped 1.7% to 13,538 points, Bahrain firmed 0.3% to 1,538 points, Oman was flat at 4,075 points and Kuwait edged up 0.4% to 6,662 points. Dubai and Abu DHabi are closed for three-day public holiday and will resume trading on Dec. 4.
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