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MIDEAST STOCKS-Saudi slips as Iran deal puts pressure on oil; Egypt up
July 14, 2015 / 8:39 AM / in 2 years

MIDEAST STOCKS-Saudi slips as Iran deal puts pressure on oil; Egypt up

DUBAI, July 14 (Reuters) - Saudi Arabia’s stocks inched down in early trade on Tuesday as oil prices fell on news that Iran had reached a deal with six world powers that will see sanctions against Tehran lifted. Egypt’s market rose broadly.

Oil prices tumbled more than $1 on Tuesday on news of the Iranian nuclear deal; shares in heavyweight petrochemicals firm Saudi Basic Industries lost 0.3 percent.

The main Saudi index slipped 0.1 percent, also dragged down by weak earnings from Yanbu National Petrochemical Co (Yansab) and property developer Dar Al Arkan .

Yansab fell 1.5 percent after posting a 63 percent drop in second-quarter net profit and Dar Al Arkan lost 1.7 percent, having reported a 42 percent decline.

Another local firm, Herfy Food, dropped 3.5 percent after reporting a 11.7 percent fall in second-quarter earnings.

Egypt’s bourse edged up 0.7 percent, buoyed by property stocks, which rebounded after a sell-off in the previous session. Medinet Nasr Housing, up 2.8 percent, was the top gainer. It had tumbled 4.6 percent on Monday. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia and Andrew Heavens)

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