Saudi Arabia's stock market ended a five-session winning streak on Sunday, with banks pausing after a rally triggered by a lending boom linked to Saudi Aramco's IPO.
Reuters reported that most other markets in the region fell as worries about global trade persisted, as well as Saudi banks are shopping for loans to help citizens buy Aramco shares, some offering four times the usual ceiling, two financial sources told Reuters earlier this month. .
The jump in loans prompted the Saudi Arabian Monetary Agency (SAMA) to monitor banking indicators on a daily basis and the governor said there were no problems so far.
Aramco plans to sell 1.5% of the company, aiming to raise up to $ 25.6 billion. The operation has already attracted about 73 billion riyals ($ 19.5 billion) from institutions and individuals, Samba Financial Group said on Thursday.
The Saudi index fell 0.8%, with Al Rajhi Bank losing 1.1% and Banque Saudi Fransi 1.5%.
Saudi Airlines Catering fell 2.9 percent and Abdullah al-Othaim markets fell 3.2 percent after trading without dividends.
Qatar fell 0.1%, and Commercial Bank of Qatar led the losses down 2.2%.
Abu Dhabi was flat, with Aldar Properties up 1.8% and Etisalat down 0.5%.
"(Local markets) are taking the trend from global markets that are worried about US-China trade talks," said Farajesh Bhandari, portfolio manager at Al Mal Capital, adding that Aramco's offer was receiving a "good response" from local investors.
In Dubai, the index rose 0.1%, supported by the rise of the largest emirate banks, Emirates NBD, 0.4%, while the main Egyptian index fell 0.3%, incurring losses for the fifth consecutive session, with shares of Commercial International Bank 0.9%.
The index of Saudi Arabia fell 0.8% to 8000 points in the closing levels of the Arab stock markets today, while the Abu Dhabi index settled at 5041 points against the Dubai index rose 0.1 percent to 2687 points, and the index fell in Qatar to 0.1 percent to 10254 points, and 0.3 Percent to 14,050 points in Egypt.