MIDEAST STOCKS-Saudi consolidates; Egypt still dominated by Amer Group | Reuters:
"Saudi Arabia's stock market was broadly stable early on Monday as petrochemical shares steadied following sharp falls, while trade in Amer Group and its affiliate Porto continued to dominate volumes in Egypt.
The Saudi stock index was almost flat as Saudi Basic Industries added 0.6 percent. Most of the 10 most heavily traded stocks moved narrowly though City Cement slid a further 1.5 percent to a 31-month low, continuing a decline that has taken it down about 10 percent in the last two weeks.
The market is worried that low oil prices could force the Saudi government into major spending and subsidy cuts, and possibly tax rises, in next year's state budget, which could hurt a wide range of industries including construction."
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