MIDEAST STOCKS-Saudi sinks 2 pct, Egypt 3 pct amid global downtrend | Reuters:
"Stock markets in Saudi Arabia and Egypt fell sharply early on Thursday after Brent oil dropped below $30 a barrel to 12-year lows and global equity markets resumed their downtrend.
Petrochemical stocks pulled the Saudi stock index 2.0 percent lower in the first half hour of trade. Saudi Kayan Petrochemical tumbled 6.4 percent after it reported a net loss for the fourth quarter - its largest since it listed in 2007, according to a note by NCB Capital.
The company is an affiliate of Saudi Basic Industries Corp (SABIC), whose shares fell 2.2 percent."
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