Dec 30 Saudi Arabia's stock index moved sideways early on Wednesday as a negative reaction to austerity measures in the 2016 state budget largely faded, while Egypt rose in a broad-based rally.
The Saudi index was flat after 20 minutes of trade. Petrochemical stocks remained weak after sinking on Tuesday in response to gas feedstock price hikes in the budget; Saudi Basic Industries, which said its total annual costs before minority interests would rise around 5 percent next year as a result, fell 1.6 percent.
In the market as a whole, however, there were as many gainers as losers. Telecommunications firm Mobily rose 3.9 percent after saying it had agreed with the majority of its lenders to waive a breach of covenant under loan facilities totalling 12.1 billion riyals ($3.23 billion).
Egypt's index surged 1.9 percent. Palm Hills Development climbed 2.5 percent and Ezz Steel, which said it had narrowed its net loss in the third quarter of this year by 21.5 percent from a year earlier, rose 1.9 percent.
