(Bloomberg) –Saudi Aramco shares extended their losses for a fourth session, reversing about half the gains accumulated from the rally following its historic trading debut.

The oil giant’s stocks lost as much as 1.7% on Sunday, before trimming the decline to 1.3% at 35.05 Saudi riyals as of 11:50 a.m. local time. When it hit the intraday low, it had pared more than half of its gains since it became the world’s biggest initial public offering.

Investors are seeking new catalysts for the stock after it was included in major emerging-market equity benchmarks, analysts say. Foreigners balked at Aramco’s IPO, citing what they deemed to be an expensive valuation along with concerns that ranged from governance to geopolitical issues. Local investors ended up being the main buyers.

Aramco’s retreat is “quite surprising,” given recent performances of global equities and the oil price, said Vrajesh Bhandari, senior portfolio manager at Al Mal Capital in Dubai. “It could be a bit of profit-taking and some risk-off before retail investors close books ahead of year-end,” he said.

Saudi Arabia’s main index, in which Aramco is the second-biggest member, was little changed. Elsewhere, equity gauges were mixed, with Qatar’s index leading gains while Abu Dhabi’s fell the most.

HIGHLIGHTS:

• The MSCI Emerging Markets Index advanced 1.9% last week, its third consecutive weekly gain. An index tracking currencies in developing countries gained 0.3%
• Saudi Arabia’s Tadawul All Share Index trims gains this year to 5.9%
• Al Rajhi Bank +0.6%; Saudi Telecom Co. +0.8%; Banque Saudi Fransi +1.1%
• In Qatar, the QE Index rises as much as 1.9%, boosted by Qatar National Bank
• NOTE: Trading resumes in Doha after a two-day holiday last week
• Index is up about 1.7% for 2019, adding to a rally of 21% last year
• Shares of Abu Dhabi-based NMC Health finished last week 47% lower in London, after a sell-off triggered by a report by Muddy Waters criticizing the medical company’s accounts and disclosing a short position
• 90% of the Muddy Water’s report “is repeating things that have already been highlighted by investors over the last 12 months at least,” said Ali Taqi, the head of equities at Rasmala Investment Bank Ltd. in Dubai, in an interview with Bloomberg TV
• Such things “have been addressed in bits and pieces. But these concerns remain there”: Taqi
• “NMC’s reply has come to address all accounting-related issues. But the related-party transactions remain an issue, and remain to be an overhang.”
• NOTE: NMC also said it has approached the Financial Conduct Authority with evidence to show that a number of hedge funds have been acting in concert to undermine shareholder value
  Read: Rich Family Under Fire From Muddy Waters Loses $820 Million

–With assistance from Manus Cranny and Sarah Algethami.