DUBAI, Jan 28 (Reuters) - Saudi Arabia's stock market rose in early trade on Wednesday on the back of banks and petrochemicals, while Egypt's bourse retreated from a multi-year high.

The main Saudi index added 1.5 percent as shares in Samba Financial Group surged 7.5 percent and were the main support. Two brokerages, EFG Hermes and Global, identified the stock this week as offering good value and being well positioned for the expected U.S. interest rate increase.

Petrochemicals giant Saudi Basic Industries jumped 2.7 percent as Brent crude oil, although weaker, held near $49 per barrel following comments by a senior OPEC official this week that the commodity's price may have bottomed out.

Telecommunications operator Zain Saudi gained 2.0 percent after its Kuwaiti parent Zain said it had appointed advisors to study the potential sale of its transmitter towers in some of the eight markets in which it operates.

Separately, Zain Saudi said it had received regulatory approval to cut its capital for a second time, a move common in Saudi Arabia to offset accumulated losses.

Albilad Capital rated Zain Saudi "overweight" on Tuesday with a fair value of 8.50 riyals, against 7.10 riyals at present.

Meanwhile, Egypt's index edged down 0.6 percent after hitting a fresh 6-1/2 closing high of 9,947 points on Tuesday. Shares in EFG Hermes fell 1.9 percent after it said a subsidiary would sell up to 37 million shares in it, representing a stake of about 6.5 percent, to institutional investors. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)