Saudi Arabia’s stock market moved little in early trade on Monday as oil prices fell, while Egypt dropped after construction firms complained that fuel shortages were delaying their projects.
Brent crude was down 1.7 per cent after Saudi Arabia had said over the week-end that the market defined prices and the kingdom would not unilaterally cut its output to defend prices.
Saudi Arabia’s main stock index was nearly flat, while petrochemicals giant Saudi Basic Industries, whose margins shrink with cheaper oil, slipped 0.5 per cent.
Telecommunications firm Mobily was the main support, jumping 4.7 per cent as it extended its recovery from a slump earlier this year triggered by the shock revision of its 2014 financials.
Egypt’s market edged down 0.4 percent after the Daily News Egypt newspaper reported that the Egyptian Federation for Construction and Building Contractors was asking the government to address diesel fuel shortages which were delaying the construction projects.
Carpet maker Oriental Weavers edged up 0.3 per cent after its board proposed a 0.4 Egyptian pound dividend for 2014, unchanged from 2013.