MIDEAST STOCKS-SABIC heads Saudi rally as oil price rise supports – Reuters


(Updates with Saudi Arabia, Egypt open)

DUBAI Nov 23 (Reuters) – Saudi Arabia’s bourse rose in
early trade on Sunday as most stocks gained after oil prices
edged up and global equities rallied on Friday.

The main Saudi index added 1.0 percent as shares in
petrochemicals giant Saudi Basic Industries (SABIC)
rose 1.4 percent.

Brent crude climbed back above $80 per barrel and
global stock markets also edged up on Friday after China made a
surprise interest rate cut and the European Central Bank
indicated it would step up asset purchases.

China is a major market for Gulf petrochemicals firms such
as SABIC and measures aimed at boosting its economy are positive
for those stocks.

Shares in Etihad Etisalat 7020.SE (Mobily) edged down 0.4
after the telecom operator suspended its chief executive Khalid
al-Kaf, a move that had been largely expected by the market
following its decision to restate 18 months of
previously-announced earnings, wiping out $381 million of prior
profits.

Egypt’s bourse slipped 0.2 percent as developer
Talaat Moustafa Group fell 1.0 percent and Telecom
Egypt lost 1.7 percent.

Shares in Amer Group rose 1.6 percent after the
firm said it would split into two companies.

(Reporting by Olzhas Auyezov; Editing by Matt Smith)

MIDEAST STOCKS-SABIC heads Saudi rally as oil price rise supports – Reuters}

Leave a Reply

Your email address will not be published. Required fields are marked *