MIDEAST STOCKS-Regional shares mixed amid marginal profit-taking; Saudi up | Reuters:
"Gulf shares were mixed on Monday as some investors booked profits from the previous session but an upbeat outlook remains intact for the third-quarter earnings season in most markets.
Saudi Arabia's benchmark gained 0.1 percent to a near two-month high. Earnings boosted the market on Sunday, while an optimistic global backdrop supported a rally across the region.
Saudi Kayan Petrochemical Co climbed 2.3 percent, extending Sunday's 9.6 percent jump after the company swung to a third-quarter profit. The stock was the most traded on the bourse.
"Petchems have been on the buying side by local and foreign investors," said John Sfakianakis, chief investment strategist at Saudi investment firm MASIC. "International investors have been looking at Chinese petchem prices which hit four-year highs. The better pricing and margins trends have been there since the summer and have solidified further with some more pricing momentum in early October - boosted by better demand and tight supply.""
'via Blog this'
No comments:
Post a Comment