MIDEAST STOCKS-Saudi tests chart support, petrochemical shares weak | Reuters:
"The Saudi Arabian and Egyptian stock markets edged down early on Wednesday because of concern about low oil prices and weakness in the global economies.
The Saudi stock index fell 0.9 percent to 6,683 points in the first 30 minutes of trade, testing technical support at its December low of 6,672 points.
Petrochemical shares continued to slide on worries about global demand and rises in gas feedstock prices announced in Saudi Arabia's 2016 state budget last week, which deprived Saudi petrochemical producers of some of their cost advantage. Saudi Basic Industries sank 3.4 percent."
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