OREANDA-NEWS. February 16, 2015. Saudi Arabia's bourse rose in early trade on Sunday after oil prices rebounded further at the end of last week; Egypt's market also gained in a broad rally.

Oil closed higher for a second straight week on Friday after another drop in the U.S. rig count, with Brent crude hitting a 2015 high above \\$60 a barrel.

Saudi Arabia's main index rose 1.1 percent as most stocks gained.

The largest stock on the bourse, Saudi Basic Industries Corp (SABIC) rose 2.3 percent; it also appointed a new acting chief executive on Sunday.

Property developer Jabal Omar jumped 2.5 percent. Last week, it reported a quarterly profit of 149.3 million riyals (\\$39.8 million) from a loss of 2.5 million riyals a year earlier.

Egypt's index edged up 0.7 percent. Real estate firm Medinet Nasr Housing and Development jumped 2.2 percent after calling a shareholder meeting for March 5 to discuss a capital increase.

The company reported a 16 percent rise in 2014 net profit last week to 205 million pounds, beating analysts' average estimate of 187 million pounds.