Saudi bounces further from chart support; Egypt edges up
Saudi Arabia's stock market

DUBAI: Saudi Arabia’s stock market bounced further from a technical support level early on Sunday, while Egypt’s bourse edged up.

The Saudi stock index has been rebounding in recent days from support at November’s two-year low of 6,828 points. In the opening minutes of trade on Sunday it added 1.7 percent to 7,152 points, nearing resistance on the November high of 7,161 points.

With Brent oil still below $45 a barrel and a lack of positive corporate news, an extended rally by the Saudi market looks unlikely to many fund managers. But some local retail investors appear willing to buy on dips near current levels.

Real estate firm Dar Al Arkan climbed 4.0 percent and leading petrochemical producer Saudi Basic Industries added 2.6 percent.

Egypt’s stock index edged up 0.3 percent, with Palm Hills Development gaining 2.9 percent after the al-Borsa newspaper reported the government’s New Urban Communities Authority was expected to sign a contract with the company within days for a major real estate project in New Cairo.

Other shares among the 10 most heavily traded stocks in Egypt moved little.

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