Saudi stocks slide on oil, Egypt jumps after gas find

01/09/2015 05:24 AST

Saudi Arabia's bourse dropped on Monday, tracking volatile oil prices, while Egypt's stock market jumped after energy major Eni announced a potentially huge natural gas discovery off the country's coast.

The Saudi stock benchmark Tadawul All Share Index dropped 2.18 percent. The petrochemical sector benchmark fell just as much. Brent oil fell below $49 a barrel on Monday, pressured by a supply glut and renewed concern about a hard landing for China's economy, after its biggest two-day rally in six years last week.

Other Saudi equities sectors were also weak. Al Tayyar Travel tumbled 7.6 percent after the firm said its founder Nasser bin Aqeel Al-Tayyar would resign as vice-chairman and managing director from Sept. 1.

But Egypt's bourse which had initially edged down in line with other emerging markets, erased its losses and jumped 2.5 percent.

In Cairo, Ezz Steel was the top gainer, surging 9.9 percent after Eni announced the discovery of a natural gas field off the Egyptian coast on Sunday which it said could meet the country's energy needs for decades.

As a major energy consumer, Ezz Steel is suffering from gas shortages, and a boost to supply could allow it to ramp up production, analysts say.

"We consider this development could potentially translate into a re-rating of all the major energy-intensive companies in the country," NBK Capital said in a note on Monday.


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