DUBAI-- Saudi Arabia's stock market rebounded slightly in early trade on Tuesday after having fallen for the past six trading days on disappointment at the slow pace of foreign fund inflows into the market.
The Saudi index rose 0.4 percent to 9,308 points. It had dropped on Sunday below its 200-day average, now at 9,415 points - a bearish technical signal. The average now acts as immediate resistance.
The market opened to direct foreign investment on June 15 but inflows since then have been minimal and the latest exchange data showed there was no change to this pattern on Monday.
However, blue chips that bore the brunt of the disappointment attracted bargain-hunting on Tuesday. Alinma Bank, the day's most heavily traded stock, gained 0.6 percent and Saudi Basic Industries climbed 0.8 percent.
REUTERS
