Thursday 9 June 2016

MIDEAST STOCKS-Saudi higher on housing plan, oil supports petchems | Reuters

MIDEAST STOCKS-Saudi higher on housing plan, oil supports petchems | Reuters:

"Saudi Arabia's stock index was headed for its fourth session of gains early Thursday after the housing ministry announced plans to build over one million homes, while oil's recent rally helped petrochemical shares.

Dar Al Arkan was on course for its third session of strong gains, with its shares climbing 4.2 percent. The stock had jumped its daily limit for two consecutive days, after the developer said late on Tuesday it was in talks with the government to provide housing under the kingdom's economic reform plan. It did not give further details.

The Saudi government published a five-year National Transformation Plan (NTP) on Monday, part of a wider set of reforms launched in April as "Vision 2030"."



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