Aramco gains aid Saudi; other Gulf bourses quiet

Oil giant Aramco helped carry the Saudi stock market higher on Sunday, as it extended gains for the third day, while other major Gulf indexes were little changed. Saudi's benchmark index rebounded 0.6%, with Saudi Aramco closing up 1.6% at 37.4 riyals.

Aramco will join the Tadawul index and global benchmarks such as MSCI and FTSE this week, which analysts said should fuel further demand, particularly from "passive" investors who track such indexes.

The state-owned oil company listed 1.5% of its shares at 32 riyals ($8.53) on Riyadh's Tadawul exchange on Dec. 11 in the world's largest initial public offering (IPO).

Initially valued at $1.7 trillion, the shares have since hit $2 trillion, a value long sought by Saudi Crown Prince Mohammed bin Salman.

Alinma Bank leapt 6.5%, its biggest intraday gain since June 2017, following its board proposal to increase capital through bonus shares.

Etihad Etisalat (Mobily) advanced 3.5% after it signed a 7.6 billion riyal ($2.03 billion) refinancing Murabaha facility with a group of Saudi banks.

Egypt's blue-chip index was up 0.6%, led by a 0.8% rise in the country's largest lender Commercial International Bank and a 1.4% gain in Egypt Kuwait Holding.

In Dubai, the index rose 0.2%, stretching gains for a fourth day. The sharia-compliant lender, Dubai Islamic Bank, rose 1.1% and telecoms firm du added 1.8%.

The Qatari index edged up 0.1% as Qatar Islamic Bank rose 1.1% and Mesaieed Petrochemical closed 1.6% up.

However, losses elsewhere capped gains, with Industries Qatar shedding 0.7% and Qatar National Bank down 0.2%.

The Abu Dhabi index slipped 0.1%, with Abu Dhabi Commercial Bank falling 2%.