Thursday, 10 September 2015 17:09
DUBAI: Stock markets in Saudi Arabia and Egypt fell in early trade on Thursday, tracking regional and global equities.
Saudi Arabia’s main stock index fell 0.8 percent with most stocks in the red. National Commercial Bank, the kingdom’s biggest lender, was the main drag, sliding 1.7 percent.
Rating agency Fitch said on Wednesday it expected some deterioration in Saudi banks’ asset quality, particularly in the contracting and construction sector, and also in retail portfolios over the next 18 months.
Egypt’s main index edged down 0.3 percent as most stocks fell. However, cable maker El Sewedy Electric bucked the trend and rose 0.9 percent to 41.00 pounds after NBK Capital upgraded the stock to “buy” with a fair value estimate of 54.00 pounds.
“We believe that the operating environment is continuing to improve for El Sewedy in its home market, supported by the large recent 785 million euro project award as well as its pipeline of further projects,” it said in a note.
