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UPDATE 2-MIDEAST STOCKS-Saudi Arabia edges up, Egypt slips
February 9, 2015 / 9:22 AM / 3 years ago

UPDATE 2-MIDEAST STOCKS-Saudi Arabia edges up, Egypt slips

(Updates with Saudi Arabia, Egypt open)

DUBAI, Feb 9 (Reuters) - Saudi Arabia’s market rose in early trade on Monday, although at a slower pace than in the previous session when oil was rallying, while Egypt pulled back after performing very well in the last few weeks.

Saudi Arabia’s stock index rose 0.4 percent and shares in Saudi Kayan Petrochemical Co jumped 2.6 percent.

The stock had surged its daily 10 percent limit on Sunday after the kingdom’s oil ministry allocated more natural gas to Saudi Kayan for it to expand ethylene production at its petrochemical complex in Jubail.

Meanwhile, Saudi Kayan’s larger affiliate Saudi Basic Industries was up 0.1 percent on Monday morning, after briefly moving into negative territory as oil prices edged down in response to weak foreign trade data from China.

Telecommunications operator Etihad Etisalat (Mobily) edged up 0.4 percent after its acting chief executive told Reuters he had a mandate to run the troubled firm until the end of March, when its board and shareholders would decide what to do next, and that he was confident of better results in coming quarters.

Mobily’s share price has more than halved since it restated profits for 2013 and the first half of 2014 in November. It also reported a surprise fourth-quarter loss of 2.28 billion riyals last month.

Egypt’s stock market edged down 0.4 percent as some of the top gainers pulled back, such as property developer Talaat Moustafa Group and Juhayna Food Industries , down 1.6 and 0.7 percent respectively. Both stocks have outperformed the index year-to-date. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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