Saudi Arabia's stock market fell sharply on Sunday, dragged down by financial and petrochemical stocks, while other Gulf markets were mixed. Saudi Arabia's index declined 2.3 percent with market heavyweight Al Rajhi Bank losing 2.8 percent and National Commercial Bank, the country's largest lender by assets, down 3 percent. Saudi British Bank slid 3.1 percent after it posted a flat third-quarter net profit, thanks to an increase in the provision for losses related to its merger with Alawwal Bank. In the petrochemical sector, Saudi Basic Industries plunged 3.1 percent. Saudi Arabia's state oil company kick-started its initial public offering (IPO) on Sunday, announcing its intention to list on the domestic bourse as the kingdom seeks to diversify and create the world's most valuable listed company. Aramco did not give a time frame or say how much of the company it would sell, but sources have told Reuters the oil company could offer 1 percent-2 percent of its shares on the local bourse, raising as much $20 billion-$40 billion. In Dubai, the main share index extended losses from the previous session, opening 1 percent lower, led by a 2.5 percent fall in its largest lender Emirates NBD. United Arab Emirates telecoms company du fell 2. percent after reporting a decline in its third-quarter net profit. Qatar's index added 0.4 percent as market heavyweight Industries Qatar gained 0.9 percent and Qatar Fuel increased 1.4 percent. In Abu Dhabi, the index traded flat as gains in financial shares were offset by losses in real estate. First Abu Dhabi Bank was up 0.3 percent, while Aldar Properties decreased 2.1 percent. Source: Reuters
