MIDEAST STOCKS-Petrochemicals boost Saudi; other markets sluggish | Reuters:
"Saudi Arabia's main share market
index rose on Sunday as investors continued to buy beaten-down
petrochemical shares on hopes that oil prices may have bottomed
out, while most other regional bourses were sluggish.
Brent oil's strong recovery above $50 a barrel last
week made investors more comfortable with petrochemical
stocks. Sector leader Saudi Basic Industries (SABIC)
climbed 3.2 percent to 89.25 riyals on Sunday, while four other
stocks in sector were also among the 10 most-traded stocks and
saw their prices surge.
Although the outlook for oil and therefore petrochemical
prices remains unclear, equity valuations are now seen low
enough to interest investors. Analysts' median target price for
SABIC is 106 riyals, according to Thomson Reuters data."
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