Saudi up despite lower oil, Egypt edges lower
Oil company - AFP

Investors in Saudi Arabia’s stock market shrugged off further losses in oil prices in early trade on Monday, while Egypt’s bourse edged lower.

Riyadh’s index recouped most of the prior session’s losses in the first 75 minutes of trade, as local retail investors bought back speculative stocks which were dumped on Sunday. The insurance sub index jumped 2.2 percent after tumbling 3.5 percent on Sunday.

Almarai, the largest dairy producer in the Gulf, added 0.5 percent. The company said shareholders had approved a capital increase for the company through an issue of bonus shares.

Saudi Airlines Catering added 1.0 percent after the company said it had signed a contract with Saudi Airlines Real Estate Development Co to provide catering and other entertainment services for the Saudia Hotel.

Saudi Arabian Mining (Ma’aden) added a further 1.7 percent, heading for a third straight session of gains. On Sunday it surged 3.5 percent after saying commercial output had begun at the Ad Duwayhi gold mine in western Saudi Arabia.

Cairo’s main index fell 0.3 percent, with Orascom Telecom dropping 1.3 percent. Investment firm Qalaa Holdings was up 2.4 percent. Shares in the company are up 31.4 percent since the devaluation of the Egyptian pound on March 14.

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