MIDEAST STOCKS-Saudi falls on banks, most of Gulf moves little | Reuters

MIDEAST STOCKS-Saudi falls on banks, most of Gulf moves little | Reuters:

Most major Gulf stock markets moved little on Tuesday with Saudi Arabia pressured by banking stocks, while Egypt was marginally lower after plunging to a 12-month low on Monday as margin calls hit local investors.

The Egyptian blue-chip index, which has fallen 15 percent since the end of August, was down a further 0.1 percent. Global Telecom slid 4.7 percent and Edita Food Industries lost 7.1 percent.

But investment bank EFG Hermes rose 1.7 percent after saying it hopes to close a deal to buy a Nigerian broker next month and also aims to win initial public offer mandates in Saudi Arabia as it seeks new growth markets.