MIDEAST STOCKS-Saudi edges down after oil price slide, Egypt moves little – Reuters


DUBAI Feb 10 Saudi Arabia’s stock index edged
lower in early trade on Wednesday in response to a fresh slide
of oil prices, while Egypt’s market moved little.

The Saudi stock index lost 0.6 percent to 5,852 points in
the first half-hour of trade; it has minor technical support at
the early February low of 5,834 points. Any break would trigger
a minor double top formed by the end-January and February highs
and pointing down to about 5,600 points.

Petrochemical shares held up, with Saudi Basic Industries
climbing 0.4 percent, but decliners outnumbered
advancers 111 to 31 overall as many second- and third-tier
stocks were sold by local investors.

Retailer Alhokair dropped 2.2 percent to 44.50
riyals. NBK Capital cut its fair value estimate of the stock by
40 percent to 83 dirhams but maintained a “buy” rating on it.
Another major retailer, Jarir Marketing, sank 1.6
percent.

Egypt’s index edged down 0.2 percent as real estate
stocks were sold, with Palm Hills Development dropping
1.8 percent.

(Reporting by Andrew Torchia; Editing by Toby Chopra)

MIDEAST STOCKS-Saudi edges down after oil price slide, Egypt moves little – Reuters}

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