DUBAI :Jan 20 Stock markets in Saudi Arabia and Egypt tumbled in early trade on Wednesday as investors sold off aggressively across the board after renewed weakness in oil prices and global equity markets.
Riyadh’s index erased Tuesday’s gains and dropped more than 4 percent in the opening minutes, nearing a multi-year closing low hit on Monday. Petrochemical blue chip Saudi Basic Industries slumped 4.2 percent.
Al Tayyar tumbled 7.0 percent. The tourism and travel group posted a 6.9 percent fall in fourth-quarter profit to 215 million riyals ($57.3 million); analysts at Aljazira Capital and Osool & Bakheet Investment Co had expected 286.3 million riyals and 296.4 million riyals.
Bank stocks were also coming under pressure with all major lenders falling more than 2.0 percent.
Arab National Bank traded down 4.8 percent. The lender made a net profit of 594.4 million riyals in the three months to Dec. 31, a 5.5 percent fall; analysts polled by Reuters had forecast on average 691.2 million riyals.
Khodari, a construction firm, slumped 8.4 percent after it swung to a fourth-quarter loss as margins and revenue fell and financial charges increased. The company made a loss of 1.04 million riyals; it had also reported a loss for the third quarter.
In Egypt, the index slumped 3.2 percent in response to Asian stock markets’ decline. Orascom Telecom fell 6.9 percent, wiping out all of Tuesday’s 5.5 percent gain, and investment firm Qalaa Holdings traded down 3.0 percent, falling back towards a record low close.