MIDEAST STOCKS-Major Gulf markets fall as Aramco IPO oversubscribed - Reuters

MIDEAST STOCKS-Major Gulf markets fall as Aramco IPO oversubscribed - Reuters:

Most Middle Eastern markets dropped on
Monday as investors appeared to have offloaded their positions
to invest back into Saudi Aramco's initial public
offering (IPO) which was oversubscribed by more than twice the
number of shares on offer. 

Institutional investors have already put in 144.1 billion
riyals ($38.4 billion) worth of bids for Aramco's planned IPO,
which is more than double the capital it seeks to raise from
institutions, financial advisers for the IPO said on Monday.

Institutional investors still have until Dec. 4 to place
orders.

OPEC and its allies plan to deepen oil cuts and have the
deal in place so it runs at least until June 2020 as Saudi
Arabia wants to deliver a positive surprise to the market before
the listing of Saudi Aramco, two sources familiar with the talks
said.