MIDEAST STOCKS-Saudi edges up after economic reform announcement

Saudi Arabia's stock market edged up in early trade on Tuesday after the government announced details of its economic reform plans. Monday night's 110-page reform document contained hundreds of projects and targets, including substantial austerity measures. "The absence of a direct corporate tax and a tax on dividends are both positive catalysts for the Saudi equity market in the short term," said Mohamed el-Jamal, managing director of capital markets at Abu Dhabi's Waha Capital.