Saudi Gazette - Saudi stocks back in the black spurred by SABIC

Saudi Gazette - Saudi stocks back in the black spurred by SABIC:

"Saudi Arabia’s Tadawul All Share Index advanced for the first time in three days on Sunday, gaining 0.96 percent to close at 7,740.46 points after SABIC, the world’s largest petrochemicals company by market value, said it was studying investment opportunities in the US as the economic slowdown in Europe and China hurt its second-quarter sales. The stock advanced 1.4 percent, the most since May 21, to SR93.50.

“Numbers are weaker than estimates, though, given affiliates also failed to meet estimates, this miss is expected,” Sriharsha Pappu, a Dubai-based analyst at HSBC Holdings Plc, said by phone. Pappu, who has a buy rating on the shares, said analysts estimated SABIC’s earnings before the company’s units reported results. “We’re looking for better third-quarter results. This quarter is mostly down to pricing.”

Elsewhere in the region, United Arab Emirates stock indexes rallied to the highest levels in almost five years on bets the economic recovery will spur company earnings. "

'via Blog this'