Saudi Arabia's index TASI hit a three-month high, led by petrochemical stocks, with the market buoyed by higher oil prices in the absence of a local catalyst.
"Petrochemicals are currently the most favored by investors with heightened oil prices keeping the sector over a solid floor despite some stock specific profit taking activity," said Amro Halwani, a senior trader at Shuaa Capital in Riyadh.
The petrochemical index was up 1.1 percent, with Rabigh Refining and Petrochemical Co up 5.3 percent, the largest gainer. It rose for a third day since Credit Suisse upgraded it to "outperform" from "neutral."
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