Thursday 23 April 2015

UPDATE 2-MIDEAST STOCKS-Saudi consolidates below chart barrier, Egypt continues rebound | Reuters

UPDATE 2-MIDEAST STOCKS-Saudi consolidates below chart barrier, Egypt continues rebound | Reuters:



"Saudi Arabia's stock market consolidated below technical resistance early on Thursday while Egypt continued a rebound after a bout of heavy profit-taking. 




The Saudi index was 0.1 percent lower at 9,561 points. Earlier this week it failed to break cleanly above resistance in the 9,572-9,745 point area, where the 200-day average roughly coincides with the March peak.



Most stocks were narrowly mixed. Among the active gainers, Al Rajhi Company for Cooperative Insurance climbed a further 4.1 percent after earlier this week reporting a 47 percent jump from a year earlier in first-quarter net profit, aided by strong growth in net contributions and lower policy acquisition costs."



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