Saudi Arabia’s stock market fell early on Tuesday as oil struggled to recover from Monday’s sharp losses, while Egypt remained positive.
The main Saudi stock index fell 0.5 percent. Petrochemicals giant Saudi Basic Industries, whose profits are sensitive to oil prices, was down 1.6 percent.
Another heavyweight, mining, metals and chemicals firm Ma’aden, fell 2.0 percent. Aluminium is one of the company’s main products and economic growth in China, which accounts for half the world’s aluminium demand, appears to be slowing.
Meanwhile, Egypt’s benchmark climbed 0.5 percent as Commercial International Bank, the country’s biggest listed lender, rose 1.0 percent to 51.03 pounds.
Pharos Capital on Tuesday raised its target price for the stock by 4 percent to 61.14 pounds, citing income tax rate cuts announced last month.
Qalaa Holdings rose 1.9 percent, extending a leg up initiated on Monday after Saudi Arabia’s Halwani Brothers made an offer to buy one of Qalaa’s subsidiaries.
