DUBAI : The stock markets of Saudi Arabia and Egypt edged up in quiet, early trade on Tuesday, with sentiment supported by solid gains in Asian markets and a rebound in Qatar, but there were few fresh incentives to buy.
The Saudi index rose 0.3 percent. Emaar Economic City climbed 4.8 percent to a five-week high. It has attracted interest since it said on Sunday last week that authorities, who have been investigating how the firm acquired land in the industrial zone which it is developing, would let it keep the land to protect the interests of investors.
Egypt’s index rose from near technical support on the November low of 6,302 points, rising 0.4 percent to 6,382 points.
Global Telecom jumped 10 percent to 1.76 Egyptian pounds in heavy trade. Last week, Vimpelcom said it and Global Telecom had agreed to combine their Pakistan telecommunications businesses with Warid Telecom to save money, boost their network and expand mobile financial services.
Naeem brokerage said in a report on Sunday that the news was positive. It reiterated a “buy” rating for the stock with a target price of 4.00 pounds.