Tuesday, 6 November 2012

STOCKS NEWS MIDEAST-Petchems surge; lift Saudi index to 6-wk high - Yahoo! News Maktoob

Saudi Arabia's petrochemical stocks lift the market to a six-week high, as bargain hunters return and a rise
in oil prices supports, despite uncertainty ahead of U.S. elections.
Saudi Basic Industries Corp (SABIC), the world's largest chemicals producer, climbs 2.5 percent, National
Industrialization rises 2.6 percent and Saudi Arabian Fertilizers adds 1.9 percent.
Saudi petrochemical and banking shares suffered heavy losses after third-quarter earnings, dragging the benchmark to July levels, but analysts said the selling was overdone and prices would recover after the Eid al Adha holidays.

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