MIDEAST STOCKS-Region mostly firm; oil buoys Saudi, MSCI aids Qatar | Reuters:
"Most Gulf stock markets were firm in early trade on Tuesday, with Saudi Arabian petrochemicals aided by strong oil prices and Qatar buoyed by MSCI’s decision to increase the weightings of several blue chips.
The Saudi index rose 0.2 percent to 8,090 points in the first 55 minutes, with top petrochemical producer Saudi Basic Industries gaining 0.9 percent.
“The index has recovered from its recent correction and remains solid above 8,000 points, backed by upbeat sentiment as investors await MSCI’s announcement over next two to three weeks,” said Muhammad Faisal Potrik, head of research at Riyad Capital. MSCI will announce in June whether it will upgrade Saudi Arabia to emerging market status."
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