Tuesday 18 December 2012

MIDEAST STOCKS-Saudi snaps pre-budget rally; Egypt highest since political crisis | Reuters

Saudi Arabia's bourse snapped a five-session winning streak on Tuesday as investors booked gains in petrochemical and insurance stocks, while most other regional markets rose.

The kingdom's index slipped 0.2 percent, easing from Monday's five-week high. Saudi Arabia's index rallied in recent sessions as bargain hunters lifted the market from an 11-month low hit in late November.

Expectations for increased spending that could be announced in the Saudi budget for 2013 during coming weeks have helped to spur buying.

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