November 28, 2019 / 8:07 AM / 11 days ago

MIDEAST STOCKS-Saudi edges up on banks; other Gulf bourses little changed

Nov 28 (Reuters) - Saudi Arabian stocks edged up in early trade on Thursday, helped by gains in financial shares, while other major Gulf markets were little changed in thin volumes.

In Saudi Arabia, the benchmark index edged up 0.1% with Al Rajhi Bank gaining 1.2% and Saudi Basic Industries adding 0.3%.

Bupa Arabia gained 1.2% after it won a health insurance contract from National Commercial Bank, which was down 0.4%.

Separately, lead manager Samba Capital on Wednesday said the retail portion of Saudi Aramco’s initial public offering (IPO) has been fully covered, with orders reaching 32.57 billion riyals ($8.69 billion).

In Abu Dhabi, the index was up 0.1%, as market heavyweight First Abu Dhabi Bank and telecoms firm Etisalat added 0.3% and 0.4% respectively.

In Dubai, the index slipped 0.2% as its largest listed developer Emaar Properties decreased 0.5% and Air Arabia was down 2%.

In Qatar, the index was also down 0.2%, extending losses for a third straight session, led by a 1.3% fall in Qatar Fuel and a 1.1% drop in Mesaieed petrochemicals . ($1 = 3.7500 riyals) (Reporting by Shamsuddin Mohd in Bengaluru; Editing by Alex Richardson)

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