MIDEAST STOCKS-Gulf rises with oil, Saudi king's arrival supports Egypt | Reuters:
"Gulf stock markets rose on Thursday after Brent crude oil jumped more than 5 percent to about $40 a barrel, while hopes for economic benefits from a visit by Saudi Arabia's king supported that market.
The Saudi index gained 0.7 percent, led higher by petrochemical firms that were lifted by the oil price rise. Saudi Basic Industries rose 1 percent and Saudi Kayan climbed by the same amount after announcing the start of commercial operations at a new butanol plant.
Telecoms company Mobily gained 2.9 percent to 31.60 riyals. An NCB Capital research note described the Saudi telecoms sector as "a safe haven from the impact of oil volatility and lower government spending", though it gave a "neutral" rating to Mobily, with a target of 31.90 riyals."
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