MIDEAST STOCKS-Most major bourses rebound but Saudi pulled down by petchems, cement

MIDEAST STOCKS-Most major bourses rebound but Saudi pulled down by petchems, cement:

"Most major Middle Eastern stock markets rebounded on Wednesday after global bourses stabilised following their tumble in recent days, but the biggest regional market, Saudi Arabia, was hit by profit-taking in petrochemical and cement shares. The Saudi index rose almost 1 percent in early trade but then edged down for the rest of the day, closing 0.7 percent lower. Thirteen of 14 petrochemical shares dropped along with 11 of 14 cement shares. Al Yamamah Steel Industries sank 6.2 percent after saying quarterly net profit tumbled to 6.7 million riyals ($1.8 million) from ‍29 million riyals a year ago because of a slowdown in projects and stiff competition. SICO Bahrain had forecast a profit of 22.3 million riyals."



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