Saudi Arabia's bourse rebounded from a two-month low on Sunday despite concerns over third-quarter earnings, while other Gulf markets were mixed in cautious trade.
Bargain hunters returned to lift Saudi petrochemical stocks. Saudi Basic Industries Corp (SABIC) gained 2.2
percent, although Bakheet Investment Group expects the petrochemicals and chemicals producer to post a 33 percent year-on-year drop in profit for the quarter. Third-quarter earnings are expected to be announced next week. Yanbu National Petrochemical slipped 1.4 percent and Saudi Kayan Petrochemical shed 0.8 percent.
"Many of the traders are worried about petrochemical companies' results, especially SABIC because of lower demand from their main markets of Europe and the U.S.," said Tarik Al Mady, an independent Riyadh-based analyst.
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