MIDEAST STOCKS-Gulf moves little, strong oil fails to boost Saudi petchems | ZAWYA MENA Edition:
"Gulf stock markets moved sideways in narrow ranges early on Wednesday as rising oil prices again failed to boost Saudi Arabia's petrochemical sector, a sign of investors' concern about upcoming austerity policies. Brent oil hit a two-year high of $61.41 per barrel overnight and was at $61.27 early on Wednesday. But top Saudi petrochemical producer Saudi Basic Industries was flat and National Petrochemical fell 1.0 percent after reporting a marginal rise in quarterly net profit to 196.9 million riyals ($52.5 million) from 191.6 million riyals. Higher oil prices tend to be positive for profit margins at Saudi petrochemical firms but the industry faces the prospect of more austerity steps as the government cuts its budget deficit: domestic electricity and fuel price hikes could come within months and higher gas feedstock prices as soon as 2019. "
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