* All banks on Saudi index rise * Saudi NCB sees biggest gain in year * Emirates NBD extends losses * SIB up on 9-month gain By Ateeq Shariff Oct 20 (Reuters) - Saudi Arabia's stock market rose sharply on Sunday, lifted by cheaper valuations and a delay in Aramco's IPO, while other major Gulf markets were largely weighed down by shares of financial institutions. The Saudi market rose 2%, extending gains for a third straight session with all banking stocks higher. The kingdom's largest lender by National Commercial Bank jumped 5.3%, its biggest intraday gain since September 2018. Al Rajhi Bank closed 1.7% higher. Akber Khan, head of asset management at Al Rayan Investment in Doha, noted that before the Tadawul index began to rally last week, it had fallen almost 20% in the previous 3 months, with half of that in October alone, bringing valuations for many stocks. to compelling levels. "News of a delay in the Aramco IPO removed an overhang and gave investors the confidence to start buying again," he added. Saudi Aramco (IPO-ARMO.SE) Put off its planned public offering in the hope that third-quarter results will bolster investor confidence in the world's largest oil firm, Reuters reported on Friday citing two sources familiar with the matter. Aramco was expected to announce plans this week to float a 1% to 2% stake in Tadawul in what would have been one of the world's largest public offerings, worth upwards of $ 20 billion. In Egypt, the benchmark index added 0.2% with Commercial International Bank rising 1.4%, while Egypt Kuwait Holding was up 1.5%. However, Egypt's Qalaa Holdings fell 0.8% despite saying it would increase its refinery production capacity. The firm will increase its refinery production capacity to 5.5 million tonnes of oil products per year in 2021 from 4.2 million now, the company's chairman told Reuters. Dubai's index extended losses from the previous session to close 0.5%, with its largest lender Emirates NBD dropping 1.2%. On Thursday, the lender posted its biggest intraday fall nearly eight months after its board approved a capital increase of 6.45 billion dirhams ($ 1.76 billion), lower than the 7.35 billion dirhams the general assembly had decided on in February. this year. The Qatari index was down 0.2% on a 1.6% drop in Commercial Bank and a 1.8% drop on Mesaieed Petrochemical. In Abu Dhabi, the index inched down 0.1% as Emirates Telecommunications and Abu Dhabi Commercial Bank lost 0.4% each. But Sharjah Islamic Bank (SIB) rose 1.7% after it reported a nine-month net gain. SAUDI ARABIA The index rose 2% to 7,785 points ABU DHABI The index slipped 0.1% to 5,090 points DUBAI The index lost 0.5% to 2,766 points QATAR The index fell 0.2% to 10,412 points EGYPT The index was up 0.2% at 14,239 points BAHRAIN The index was flat at 1,527 points OMAN The index gained 0.3% to 4,016 points KUWAIT The index was down 0.8% at 6,252 points ($ 1 = 3.6730 UAE dirham) (Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten Donovan)
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