Saudi mkt gains as oil stabilises; foreign traders exiting Egypt
The Saudi Arabian stock market
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DUBAI: Saudi Arabia’s bourse strengthened on Tuesday, with all sectors turning higher, as oil prices stabilised, while Egypt slid as foreign traders exited positions.

Saudi’s bourse rose 1.5 percent to 6,751 points, recouping Monday’s losses which pushed the index to a three-year low after Brent oil dipped below $37.

Crude prices stabilised on Tuesday, trading above $38 at 0914 GMT.

Bank Aljazira jumped 5.8 percent. The lender has cancelled a planned capital increase through rights issue because of current market conditions, a bourse statement said on Monday.

This is the second Saudi company this month to announce the cancellation of a capital increase due to market conditions: the first being contractor Al Khodari.

Saudi Research and Marketing Group (SRMG), owner of pan-Arab newspaper Asharq al-Awsat and one of the Middle East’s largest media companies, surged its daily limit of 10 percent.

The company appointed on Monday Prince Badr bin Abdullah as chairman of the board and Azzam al-Dakhil, former minister of education, as chief executive.

Saudi investment firm NCB Capital bought over 55.2 percent of SRMG in November, after Kingdom Holding sold all of its stake in the publishing company.

The stock has more than doubled in value over the last month.

Emaar Economic City soared 8.9 percent, taking its gains over the last 30 days to more than 50 percent.

Emaar Economic City is leading the development of King Abdullah Economic City (KAEC), one of many new cities under construction in the kingdom. Major urban projects are overseen by the Supreme Council for Economic Development, headed by deputy crown prince Mohammed bin Salman.

EGYPT

Cairo’s main index fell 0.2 percent to 6,395 points, slipping towards November’s 2015 low.

Foreign traders drove the bourse lower as they sold positions, bourse data showed. On Monday, foreign traders were net buyers.

Commercial International Bank (CIB), a favourite of foreign traders, dipped 1.2 percent. It made up one-fifth of the total index’s value trade.

Leaders in Cairo have been deploying various economic tools to help soothe investor concerns over foreign currency shortages, although these have yet to have much impact.

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