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MIDEAST STOCKS-Oil weighs on Saudi Arabia; Egypt inches up
June 8, 2015 / 9:38 AM / in 2 years

MIDEAST STOCKS-Oil weighs on Saudi Arabia; Egypt inches up

DUBAI, June 8 (Reuters) - Saudi Arabia’s stock market slipped in early trade on Monday after oil prices fell on weak Chinese imports, while Egypt’s bourse was slightly positive.

Oil prices fell on Monday after China’s fuel imports dropped sharply and as markets digested an OPEC decision to keep its production target unchanged, a move analysts said would keep the market oversupplied for the rest of the year.

China, the world’s biggest net oil importer, bought nearly a quarter less crude in May than it did in the previous month, official data showed. China’s imports of oil products also fell by more than 6 percent while oil product exports fell 10 percent.

The main Saudi index edged down 0.4 percent and petrochemicals giant Saudi Basic Industries fell 0.7 percent.

Makkah Construction And Development Co fell 1.6 percent after posting a 10.2 percent decrease in quarterly profit in year-on-year terms. The company follows the Islamic calendar and its reporting periods are different from those of most other listed firms.

Egypt’s market inched up 0.1 percent as heavyweight Commercial International Bank added 1.0 percent. Arabian Cement jumped 4.1 percent ahead of the June 10 dividend record date.

Bot most other stocks were negative and steelmaker Ezz Steel , which is suffering from power shortages due to rationing introduced by the government, was the biggest loser, tumbling 4.2 percent. (Reporting by Olzhas Auyezov)

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