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Saudi, Egyptian markets edge up

Egypt's most heavily traded stock Orascom Telecom Media slid a further 5.2 percent

DUBAI, Nov 26 (Reuters) – The Saudi Arabian and Egyptian stock markets were firm in early trade on Thursday but trading in Riyadh focused on second-tier stocks, suggesting many local and foreign institutional investors were staying away.

The Saudi stock index edged up 0.3 percent as Jazan Development, an agriculture and real estate firm, added 5.7 percent.

Egypt’s index rose 0.4 percent as financial firm Pioneers Holding gained 4.1 percent after reporting an 11 percent rise in nine-month net profit.

Global Telecom Holding climbed 2.6 percent after Vimpelcom said it and Global Telecom had agreed to combine their Pakistan telecommunications businesses with Warid Telecom to save money, boost their network and expand mobile financial services.

However, Orascom Telecom Media, Egypt’s most heavily traded stock, slid a further 5.2 percent, continuing a slide fuelled by difficulties at its North Korean unit Koryolink and a downgrade of the stock by EFG Hermes. It has tumbled 34 percent since the end of last month. (Reporting by Andrew Torchia; Editing by Dominic Evans)