MIDEAST STOCKS-Saudi stock market surges, petchems climb on oil rebound | Reuters:
"Saudi Arabia's stock market rose sharply in heavy turnover during early trade on Thursday as petrochemical shares in particular surged in response to a rebound of global oil prices, to which petrochemical profit margins are linked.
The main Saudi stock index jumped 4.5 percent in the opening minutes as petrochemical blue chip Saudi Basic Industries (SABIC) gained 5.8 percent. The petrochemical sector index added 6.1 percent.
The rise of SABIC and other blue chips such as miner Ma'aden , up 6.0 percent, suggested institutional investors were back in the market after cutting positions in recent weeks and months."
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