MIDEAST STOCKS-Markets rise but oil-driven rally losing steam | Reuters:
"Most Middle East stock markets
rose but closed well off their intra-day highs on Sunday and
some edged lower as investors started selling into the region's
rally, indicating sentiment was still shaky even after oil
prices rebounded.
Saudi Arabia's main index, which surged as much as
4.6 percent early in the day, closed just 1.1 percent higher.
That left the index up 11 percent from a 29-month low hit last
Monday, but still 15 percent below its level at the end of last
month.
The petrochemical sector, up 3.2 percent, was the
main support on Sunday after Brent oil climbed above $50
per barrel on Friday. The sector's margins are directly affected
by oil prices and leading petrochemical producer Saudi Basic
Industries surged 4.0 percent."
'via Blog this'
No comments:
Post a Comment