Egypt's stock market fell in early trade on Thursday as Ezz Steel dropped sharply, while Saudi Arabia's market barely moved.

The Cairo index sank 1.2 percent to 8,357 points, heading for a test of major technical support on its May low of 8,261 points.

Ezz slid 6.0 percent to a fresh 23-month low in heavy trade. It has lost 23 percent since it reported a net loss of 835.58 million Egyptian pounds ($109.5 million) for 2014 in early June.

On Wednesday a court denied Ahmed Ezz, the biggest shareholder in the company, the right to appeal a decision banning him from running in parliamentary elections. Such political events have affected Ezz shares in the past.

Saudi Arabia's stock index was flat with activity focusing on second-tier speculative shares; Qassim Agriculture jumped 7.5 percent. National Industrialisation (Tasnee) sank 1.0 percent.

Saudi Ground Services Co, a unit of national carrier Saudi Arabian Airlines, surged its 10 percent daily limit to 55.0 riyals on listing. It raised 2.8 billion riyals ($752 million) in a public offer of a 30 percent stake at 50 riyals per share.

 

reuters.com

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