Saudi, Egyptian stocks rebound modestly in early trade

25/08/2015 13:16 AST

Saudi Arabian and Egyptian stocks rebounded modestly in early trade on Tuesday as more stable oil prices and Asian bourses prompted some investors to buy back shares after several days of steep declines.

The Saudi stock index, which had plunged 5.9 percent on Monday to bring its losses this month to 23 percent, edged up 0.8 percent in the opening minutes of Tuesday.

Buying focused on blue chips, suggesting institutional investors were active. Petrochemicals giant Saudi Basic Industries (SABIC) rose 3.1 percent, miner Ma'aden climbed 3.5 percent and Alinma Bank gained 3.7 percent.

The Egyptian index rose 1.6 percent; beaten-down property developers gained, with Palm Hills Development up 1.1 percent.


Reuters

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