MIDEAST STOCKS-Saudi opens weak as petchems soft; Egypt continues rally | Reuters:
"Saudi Arabia's stock market opened weak on Thursday as petrochemical firms remained soft following gas feedstock price rises in Monday's 2016 state budget. Egypt's bourse continued rallying after breaking technical resistance.
The Saudi index was 0.2 percent lower after 40 minutes of trade as the petrochemical sector index slipped a further 0.5 percent.
The biggest stock in the sector, Saudi Basic Industries , was flat but Saudi Kayan lost 2.2 percent and PetroRabigh SE> fell 2.4 percent after saying it would restart only gradually its high-olefin fluid catalytic cracker and subordinate units after an extended maintenance period. It estimated the cost of the extra maintenance at 200 million riyals ($53.3 million)."
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