MIDEAST STOCKS-Saudi up as oil steady around $40; Egypt jumps after c.bank move | News by Country | Reuters

MIDEAST STOCKS-Saudi up as oil steady around $40; Egypt jumps after c.bank move | News by Country | Reuters:

"Petrochemical stocks boosted Saudi Arabia's stock market in early trade on Thursday, while Egypt shares jumped more than 2 percent in robust volume after the central bank acted to improve dollar supplies to the economy.

Riyadh's index gained 0.8 percent as oil prices steadied over $40 a barrel. PetroRabigh added 1.4 percent after the company said it would book around 750 million riyals ($200 million) in sales revenue this year with the full start-up of its expanded ethane cracker.

Mouwasat Medical Services climbed 3.7 percent after it signed an agreement with oil giant Saudi Aramco to provide healthcare services for another two years. According to a bourse statement, the new contract's revenue will rise by at least 10 percent. Over the past five years, yearly revenue from Aramco averaged about 184 million riyals.

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