MIDEAST STOCKS-Petrochemicals pull Saudi down; Egypt breaks resistance | Reuters:
"Petrochemical stocks pulled Saudi Arabia's main equity index down on Wednesday in the wake of gas feedstock price rises in the 2016 state budget, while Egypt's market rose in a broad-based rally, breaking technical resistance.
The Saudi index, which had dropped 0.9 percent on Tuesday in an initial reaction to the budget's austerity measures, fell a further 0.4 percent.
Saudi companies have begun estimating the impact on their cost bases of energy and feedstock price rises in the budget. Petrochemical producers are hardest hit, with Saudi Basic Industries (SABIC) projecting an 8-percent rise in its 2016 costs."
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