December 3, 2019 / 1:16 PM / 10 days ago

MIDEAST STOCKS-Saudi rises on strong private sector data, Egypt extends losses

    * All Saudi banks gain
    * SADAFCO rises on higher H1 dividend
    * Lender COMI weighs on Egypt

    By Maqsood Alam 
    Dec 3 (Reuters) - Saudi Arabia's stock market rose on Tuesday on the back of
rising oil prices and robust non-oil private sector data, while Egypt fell as
the same sector there dropped to a more than two-year low in the last month.
    Oil prices edged higher on expectations of deeper output cuts when OPEC and
its allies meet this week.
    Brent futures rose 43 cents to $61.35 a barrel by 0924 GMT.
    Saudi Arabia is pushing for the cut in oil supplies to deliver a positive
surprise to the market before the listing of state-owned oil giant Saudi Aramco,
the sources said.
    Aramco plans to sell 1.5% of its shares in a deal that could raise up to
$25.6 billion for which Institutional investors have already put in 144.1
billion riyals ($38.4 billion) worth of bids.
    Institutional investors still have until Wednesday to place orders.
    The kingdom's seasonally adjusted Purchasing Managers' Index (PMI) rose to
58.3 in November, up from 57.8 in October and the highest in over four years.
Any reading above 50 indicates expansion.
     Saudi's index closed 0.6% up with Al Rajhi Bank
increasing 1.1% and Riyad Bank adding 2.5%.
    Saudia Dairy And Foodstuff (SADAFCO) rose 2.5% after its board
recommended a higher dividend for the first half.
    In Egypt, the blue-chip index was down 0.5% in its third session of
consecutive losses with the market heavyweight Commercial International Bank
Egypt shedding 0.5%.
    Activity in Egypt's non-oil private sector fell to a more than two-year low
in November, a survey showed on Tuesday.
    Qatar's index traded flat as Qatar Islamic Bank slipped
1.7%, while Industries Qatar rose 1.2%.
    The Dubai and Abu Dhabi stock markets are closed for three days of public
holidays and will resume trading on Wednesday.
    
 SAUDI ARABIA          was up 0.6% to 7,883 points
 QATAR                was flat at 10,186 points
 EGYPT                  was down 0.5% to 13,470 points
 BAHRAIN              was up 0.2% to 1,541 points
 OMAN                 slipped 0.5% to 4,057 points
 KUWAIT               was down 0.6% to 6,623 points
 
 (Reporting by Maqsood Alam in Bengaluru; Editing by Giles Elgood)
  
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