MIDEAST STOCKS-Petchems, Saudi Telecom lift Riyadh; other bourses quiet:
"Petrochemical stocks and an earnings beat by Saudi Telecom Co boosted Riyadh’s stock market early on Sunday while other Gulf bourses were generally quiet.
The Saudi stock index climbed 0.6 percent in the first 45 minutes as petrochemical giant Saudi Basic Industries gained 1.2 percent and several other producers such as Saudi Kayan rose by smaller amounts in unusually active trade.
Brent oil rose 1.9 percent on Friday to $60.44 a barrel after Saudi Arabia and Russia pledged support for extending oil output cuts. Rising oil prices tend to be positive for Saudi petrochemical firms’ profit margins."
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