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Saudi Arabia, Egypt stock markets plunge

Saudi Arabia, Egypt stock markets plunge

DUBAI: Saudi Arabia and Egypt stock markets rimed down in early deal and bourses in the United Arab Emirates and Qatar also gave up gains as the meeting in global equities emerges to collapse.

By blue chips Saudi Arabia’s main index cut down 0.3 percent among a varied performance. Petrochemicals giant Saudi Basic Industries gained 0.6 percent, the kingdom’s biggest lender while National Commercial Bank edged down 0.4 percent.

Developers Talaat Mostafa Group and SODIC fell 1.1 and 1.8 percent respectively Egypt’s bourse lost 0.4 percent, shares in Amer Group sustained to rise and bounded 3.0 percent.

On Sunday the stock rushed 5.5 percent after the company said it would spin off Red Sea resorts into a separate entity to maximize development chances and boost stock liquidity.

In the Qatar and UAE Bourses changed direction and moved into the red zone which had edged up earlier in the day.

Abu Dhabi fell 0.4 percent and Qatar lost 0.7 percent after European shares opened nearly flat, Dubai was down 0.1 percent signaling the end of the meeting activate last Friday by hoped for new incentive measures in Europe and China.