MIDEAST STOCKS-Saudi petchems surge on earnings; most mkts up on global cues | Reuters

MIDEAST STOCKS-Saudi petchems surge on earnings; most mkts up on global cues | Reuters:

"* Saudi petchems surge to 17-month high

* Saudi Kayan swings to Q3 profit

* Global rally boosts regional shares after holiday

* Dubai index at new 5-yr high on retail buying

By Nadia Saleem

DUBAI, Oct 20 (Reuters) - Saudi Arabia's petrochemical shares led a bourse rally on Sunday as earnings boosted sentiment, while most regional markets also rose as they resumed trading after a week-long holiday and reacted positively to the U.S. averting a debt default.

Shares in Saudi Kayan Petrochemical surged 9.6 percent to a nine-month high after it swung to a third-quarter profit.

The company made a profit of 43.3 million riyals ($11.55 million), compared to a net loss of 178.4 million riyals in the same period last year, according to a bourse statement.

Parent firm Saudi Basic Industries Corp (SABIC) jumped 5.4 percent, helping lift the sector's index by 5 percent to a 17-month high."

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