Saudi shares fall

Riyadh-Sana

Saudi stocks suffered the biggest one-day loss on Wednesday as local institutions sold shares in preparation for listing Aramco, while Dubai bourse fell due to Emirates NBD.

The Saudi index fell 2 percent, Al Rajhi Bank 1.8 percent and National Commercial Bank 2.5 percent and Saudi British Bank lost 4.9 percent after reporting a third-quarter profit steady due to higher provisions for losses linked to its merger with First Bank.

Saudi Basic Industries Corp (Sabic) fell 1.5 percent.

Aramco said on Sunday it planned to list on the local bourse without setting a timeframe or specifying the stake it would sell, but sources told Reuters the oil company could float between one and two percent of its shares on the local bourse to raise $ 20 billion to $ 40 billion.

In Dubai, the main index lost 1.5 percent and Emirates NBD, the emirate's largest lender, fell 5 percent, its biggest fall since December 2018.

Emaar Properties lost 0.7 percent and Emaar Malls lost 2.6 percent.

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