MIDEAST STOCKS-Saudi Arabia, Egypt markets slip

Share prices in Saudi Arabia and Egypt edged down in early trade on Tuesday in line with other Middle East markets.

  

DUBAI, June 9 (Reuters) - Share prices in Saudi Arabia and Egypt edged down in early trade on Tuesday in line with other Middle East markets.

The main Saudi index slipped 0.4 percent with most stocks in the red. Saudi Electricity Co , down 3.1 percent, was the main drag on the benchmark.

Later on Tuesday, after Gulf markets close, index compiler MSCI will announce the results of its annual market classification review which analysts expect will launch the lengthy process of including Saudi Arabia in the emerging markets index widely used by active and passive funds around the world.

While the actual inclusion is unlikely to happen until 2017, a positive announcement may boost market sentiment in the kingdom. But if for some reason the move is delayed, it could sour investors' mood.

Egypt's index fell 0.6 percent, also with most stocks declining. Orascom Telecom Media And Technology was one of the biggest losers, dropping 3.2 percent after the firm said it was delaying the publication of first-quarter results because it was still in negotiations on the repatriation of profit from its North Korean business.

But El Sewedy Electric climbed 0.9 percent after posting an 11.6 percent increase in first-quarter profit.

(Reporting by Olzhas Auyezov; Editing by Mark Potter) ((olzhas.auyezov@thomsonreuters.com; +971 56 225 4871; Reuters Messaging: olzhas.auyezov.thomsonreuters.com@reuters.net))

Keywords: MARKETS STOCKS/SAUDI EGYPT