Saudi Arabian stocks rose, led by petrochemicals companies as improved third-quarter results bolstered speculation of further gains and oil prices remained above $80 a barrel.
Saudi Basic Industries Corp., the world’s largest petrochemicals maker known as Sabic, and National Industrialization Co., the Saudi petrochemical maker known as Tasnee, increased more than 1 percent.
The Tadawul All Share Index advanced 0.8 percent to 6,568.47, bringing the rally from this year’s low on March 9 to 59 percent. Sabic reported quarterly profit on Oct. 18 that beat analysts’ estimates on better global demand and product pricing, while Tasnee said net income climbed 58 percent on higher sales of chemicals.
No comments:
Post a Comment