Saudi shares up despite lower oil, Egypt index edges lower

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 per cent after tumbling 3.5 per cent on Sunday.

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

Saudi Airlines Catering added 1.0 per cent 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 per cent, heading for a third straight session of gains. On Sunday it surged 3.5 per cent after saying commercial output had begun at the Ad Duwayhi gold mine in western Saudi Arabia.

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

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