MIDEAST STOCKS-Gulf up on stronger global trend, long-term outlook still murky | Reuters:
"Major Gulf stock markets rose
sharply on Thursday, suggesting they had established short-term
floors after several weeks of heavy selling, but their long-term
outlook remained murky because of unstable oil prices.
The Saudi Arabian stock index climbed 3.0 percent to
7,604 points. It has now rebounded 10 percent from a 29-month
low of 6,921 points hit on Monday, but remains 16 percent below
its level at the end of last month.
Shares in petrochemical firms, their profit margins closely
linked to oil prices, surged as Brent crude rose nearly
4 percent to almost $45 a barrel. The petrochemical sector index
jumped 5.3 percent as the biggest company, Saudi Basic
Industries Corp, gained 4.8 percent."
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