Sunday 25 February 2018

MIDEAST STOCKS-Saudi lower as weak banks outweigh rising petchems

MIDEAST STOCKS-Saudi lower as weak banks outweigh rising petchems:

"Saudi Arabian shares fell on Sunday as weakness in banks more than offset a rise in petrochemicals after Brent crude oil rebounded to around $67 a barrel at the end of last week. The Saudi stock index fell 0.4 percent. Ten of 14 petchems climbed, with the biggest, Saudi Basic Industries , adding 0.6 percent. Saudi Kayan Petrochemical gained 0.3 percent after swinging to a fourth-quarter loss of 220 million riyals ($58.7 million) due to scheduled maintenance at its plants. The loss was larger than 90 million riyals forecast by SICO Bahrain but much smaller than 417 million riyals predicted by NCB Capital."



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