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Thursday, 29 September 2016

MIDEAST STOCKS-Saudi rebounds on OPEC deal but ends week with big loss | Reuters

MIDEAST STOCKS-Saudi rebounds on OPEC deal but ends week with big loss | Reuters:

"Saudi Arabia's stock market rebounded on Thursday on the back of petrochemical shares, which rallied in response to OPEC's deal to restrain oil output, but the bourse posted a big weekly loss because of government austerity measures.

Petrochemical firms, their profit margins closely tied to oil prices, recovered after Brent oil surged above $48 a barrel overnight on the OPEC deal in Algeria. The largest petrochemical producer, Saudi Basic Industries, gained 3.5 percent.

This encouraged buying back of a range of stocks and the insurance sub-index, which had seen many of its constituents drop their 10 percent daily limits in recent days, rebounded 2.4 percent. BUPA Arabia, the largest medical insurance provider, jumped 4.1 percent."



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