*

Alinma Bank slips on ex-dividend trade

*

Saudi Electricity sees biggest fall in nearly 4 years

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Saudi's Savola Group jumps as Q3 profit more than doubles

*

Perfect Presentation surges as shareholders' nod to

capital

increase

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Egyptian index hits a new record high

(Updates to closing prices)

By Ateeq Shariff

Nov 5 (Reuters) - Most Gulf stock markets closed lower

on Wednesday, in line with global shares after an overnight

tech-led sell-off on Wall Street put the spotlight on stretched

valuations.

Stocks are retreating from record highs on fears equity

markets may have become overstretched after the CEOs of Wall

Street heavyweights Morgan Stanley ( MS ) and Goldman Sachs ( GS )

questioned whether sky-high valuations can be sustained.

Saudi Arabia's benchmark index declined 1.2%,

falling for a fifth consecutive session, hit by a 0.6% fall in

Al Rajhi Bank and a 2% tumble in Alinma Bank

, as the lender traded ex-dividend.

Elsewhere, utility firm Saudi Electricity Co

plunged 8% - its biggest intraday fall since March 2022 -

following a decline in quarterly net profit.

The headwinds from Wall Street's elevated valuations may

spill over into the Saudi market.

Despite Aramco's solid earnings and oil prices holding

around the mid $60s per barrel, the latest global equity

sell-off has exposed a latent sensitivity to high valuation

levels that have gone untested for some time, said Ahmad Assiri,

research strategist at Pepperstone.

"This recent downswing, the steepest since early October,

could translate into mild selling pressure on (Saudi stocks)

due to the overall correlation between global equity

markets."

However, Savola Group advanced 3.7%, after the

kingdom's largest food products company posted a 113% rise in

third-quarter profit.

Perfect Presentation For Commercial Services (2P)

jumped 6.2% to be the top gainer on the index after its

shareholders greenlit a 10% capital hike, increasing the firm's

capital to 330 million riyals ($87.99 million).

In Abu Dhabi, the index dropped 0.4%, with ADNOC

Drilling losing 1.3%, as the firm traded

ex-dividend.

Meanwhile, ADNOC Drilling has signed a definitive deal to

acquire an 80% stake in MB Petroleum Services for an enterprise

value of $204 million.

Dubai's main share index fell 0.3%.

Outside the Gulf, Egypt's blue-chip index edged

0.2% higher, hitting an all-time high, led by a 5.7% leap in

Talaat Moustafa Group, rising for a fourth consecutive

session.

On Monday, the firm's unit launched the development of a new

integrated tourism project with an anticipated investment of

$788 million.

The Egyptian market remains on a solid and healthy

trajectory, backed by favorable corporate and macroeconomic

developments and a generally better outlook, said

Milad Azar Market analyst at XTB MENA.

Saudi dropped 1.2% to

Arabia 11,257

Abu Dhabi fell 0.4% to

10,015

Dubai eased 0.3% to

5,992

Qatar was down 0.2% to

11,007

Egypt rose 0.2% to

39,132

Bahrain added 0.1% to

2,080

Oman declined 0.9%

to 5,566

Kuwait retreated 0.5%

to 9,462

($1 = 3.7504 riyals)