MIDEAST STOCKS-Petchems lift Saudi to 6-year high; Arabtec jumps on buyout hopes | Reuters

MIDEAST STOCKS-Petchems lift Saudi to 6-year high; Arabtec jumps on buyout hopes | Reuters:



"Expectations of strong global demand for petrochemicals supported the uptrend in Saudi Arabia's stock market on Wednesday, lifting the bourse to a fresh six-year high, while Dubai builder Arabtec jumped on hopes that a key shareholder would increase its stake.



Saudi Arabia's main index rose 0.8 percent to 11,030 points, closing above 11,000 points for the first time since January 2008.



Petrochemicals were among the main drivers; Saudi Basic Industries rose 1.2 percent, Saudi International Petrochemical Co (Sipchem) jumped 4.7 percent and Saudi Kayan Petrochemical Co added 2.5 percent."



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