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Wednesday, 5 October 2016

MIDEAST STOCKS-Saudi gains as crude firms but UAE, Qatar lag; Egypt strong | Reuters

MIDEAST STOCKS-Saudi gains as crude firms but UAE, Qatar lag; Egypt strong | Reuters:

"Saudi Arabia's petrochemical stocks rallied on Wednesday after Brent crude oil firmed over $51 a barrel, while Egypt climbed for a third straight session as investors anticipated approval of its International Monetary Fund loan programme.

Riyadh's stock index closed up 1.1 percent as the petrochemical sub-index rose 3.4 percent with all 14 listed producers advancing. Yanbu National Petrochemicals (Yansab) jumped 5.9 percent to 46.80 riyals and National Petrochemical surged 8.2 percent to 15.15 riyals.

Analysts at NCB Capital said in a note that Yansab was one of their top picks in the sector because of superior efficiency and low debt levels. They maintained an "overweight" rating on the stock with a price target of 50.40 riyals."



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