MIDEAST STOCKS-Saudi, Egypt edge higher in early trade | Reuters

MIDEAST STOCKS-Saudi, Egypt edge higher in early trade | Reuters:

"The Saudi Arabian and Egyptian stock markets rose in early trade on Sunday amid hopes that shares have largely factored in economic headwinds for now - an austerity budget in Saudi Arabia and the foreign exchange shortage in Egypt.

Saudi Arabia's index gained 0.4 percent as Saudi Arabian Mining Co (Ma'aden) added 0.6 percent after announcing it had started initial production of copper at its joint venture affiliate with Canada's Barrick Gold Corp . [ID:nD5N0ZO01E}

Petrochemicals remained soft, however, as investors are still wary of the sector after rises in the price of natural gas feedstock in last week's budget. Saudi Basic Industries (SABIC), which makes up two-thirds of the sector's total market value, fell 0.7 percent."



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