MIDEAST STOCKS-Gulf markets advance ahead of Saudi budget; Egypt hit by rate hike | Reuters:
"Gulf stock markets edged higher on Sunday with Saudi Arabia rising in the final hour of trade as local traders bought back ahead of Monday's 2016 budget announcement. Egypt dropped in response to an interest rate hike.
The Saudi index closed 0.1 percent higher at 6,946 points, rebounding from a low of 6,874 points because of rises in stocks which investors hope will be largely unaffected by the Saudi budget, due to be announced on Monday afternoon.
To narrow a huge deficit caused by low oil prices, the budget is expected to contain spending cuts, possibly including a rise in natural gas feedstock prices for petrochemical producers such as Saudi Basic Industries. The stock fell 0.6 percent.
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