MIDEAST STOCKS-Saudi Arabia slips, but SACO surges on listing

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(Updates with Saudi Arabia, Egypt open) DUBAI, May 12 (Reuters) - Bourses in Saudi Arabia and Egypt slipped in early trade on Tuesday, but retailer Saudi Company for Tools and Hardware (SACO) jumped as it started trading after an oversubscribed initial public offer. Lender Samba Financial Group was the main drag on the benchmark, dropping 2.8 percent. Newly listed SACO was the top gainer, surging its daily 10 percent limit. The retail tranche of the firm's initial public offer which ended this month was covered 620 percent.

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