MIDEAST STOCKS-Saudi tumbles on oil price, Egypt caught in global slide | Reuters:
"A fresh slide of oil prices to 11-year lows sent Saudi Arabia's stock market tumbling on Wednesday, while Egypt was caught up in a global equities downtrend.
The Saudi bourse was moderately lower for most of the day and its losses snowballed in late trade as Brent crude futures plunged 4 percent to below $35 a barrel.
This ravaged petrochemical shares, whose margins are linked to oil prices, were already weak after rises in gas feedstock prices announced in Saudi Arabia's 2016 state budget last week deprived Saudi petrochemical producers of some of their cost advantage."
'via Blog this'
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