MIDEAST STOCKS-Saudi petrochemical shares lift bourse, other Gulf weak | Reuters:
"A rebound in Saudi Arabian petrochemical shares helped lift the index in early trade on Tuesday, while other Gulf bourses were weak.
Saudi's Yanbu National Petrochemicals (Yansab), a large cap petrochemical producer, jumped 5.2 percent after the company announced late on Monday that its board recommended a cash distribution of 1.5 riyals per share for the first half of the year, higher than the 1.0 riyals per share for first half of 2015. The total dividends in 2015 and 2014 were 2.0 and 3.0 riyals respectively.
"We expect the company to pay a dividend of 2.5 riyals per share in 2016E, and based on this the dividend yield is expected to be 6.3 percent," said a note by Saudi firm NCB Capital."
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