MIDEAST STOCKS-Saudi surges on petchems as global trend pulls region up slightly

MIDEAST STOCKS-Saudi surges on petchems as global trend pulls region up slightly:

"Most Middle Eastern stock markets rebounded on Monday, with Saudi Arabia leading the recovery on the back of petrochemical stocks, as global equities and oil prices regained some strength after last week’s tumble. The Saudi index surged 1.3 percent as all 14 petrochemical stocks rose. The biggest, Saudi Basic Industries , added 1.7 percent. The strength of high-priced petrochemical stocks such as SABIC suggested there was good institutional buying support for the market ahead of catalysts expected later this year, including MSCI’s decision in June on whether to label Saudi Arabia an emerging market, and FTSE’s similar decision in March."



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