Saudi, Egypt markets barely move in early trade
Egyptian stock market in Cairo - REUTERS/Asmaa Waguih

DUBAI: The Saudi Arabian and Egyptian stock markets moved little in early trade on Sunday as uncertainty over oil prices and the global market environment kept many investors away.

The Saudi stock index edged up 0.2 percent as petrochemical blue chip Saudi Basic Industries gained 0.6 percent.

But miner Ma’aden continued a downtrend which has pushed it 13 percent lower in the past three weeks as commodity-related equities around the world have sagged. The stock fell 1.4 percent to a nine-month low of 27.80 riyals.

Egypt’s index edged up 0.1 percent as Arab Cotton Ginning, the most heavily traded stock, added 2.2 percent. The stock has been strong in recent weeks partly because of hopes that it will sell some land, boosting profits.

Arab Polavara rose 3.2 percent after trading disclosure statements in the last few days showed major shareholders buying about a million shares in the company.

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