Monday, 13 July 2015 17:16
DUBAI: Saudi Arabia’s stock market was little changed in early trade on Monday, with a looming Iran nuclear deal offsetting positive news from Greece, while Egypt’s bourse edged lower.
European Council President Donald Tusk announced on Monday that after months of tortuous negotiations marathon overnight talks had achieved a third bailout for Greece.
However, oil prices tumbled as investors expected world powers to finalise an agreement with Iran on its nuclear programme, which would add to the global crude oil supply glut when sanctions on Tehran are lifted. The main Saudi index hovered near the previous day’s close, with stocks split equally between losers and gainers. Saudi Arabia Fertilizers Co (SAFCO) dropped 2.6 percent on the removal of the semi-annual dividend.
The Egyptian index fell 0.6 percent, with most stocks in the red after a drop in trading volume in the previous session indicated that the market’s rally was faltering.
The Cairo benchmark had risen in the two previous sessions after sinking to a one-year low on concerns over exchange rates, security and energy shortages. The property sector came under particularly heavy pressure on Monday. Heliopolis Housing tumbled 4.8 percent and Medinet Nasr Housing lost 4.6 percent.
