MIDEAST STOCKS-Petchems, Saudi Telecom beat lift Riyadh; rest of Gulf sluggish:
"Petrochemical stocks and an earnings beat by Saudi Telecom Co lifted Riyadh’s stock market on Sunday while other Gulf bourses were sluggish, once more ignoring a strong performance by Wall Street on the previous trading day.
The Saudi stock index climbed 0.7 percent. Unusually, four of the 10 most active stocks were petrochemical producers after oil prices rose sharply at the end of last week, with Brent crude hitting $60 a barrel for the first time since 2015; industry leader Saudi Basic Industries gained 0.8 percent.
Saudi Telecom climbed 3.6 percent after reporting an 18.2 percent rise in third-quarter net profit to 2.62 billion riyals ($698.7 million), topping the 2.28 billion forecast of four analysts polled by Reuters. But the increase was mostly due to cost-cutting; revenue from services fell 8.5 percent to 12.84 billion riyals."
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