MIDEAST STOCKS-Petchem shares down in Saudi, Drake and Scull lifts Dubai | Reuters

MIDEAST STOCKS-Petchem shares down in Saudi, Drake and Scull lifts Dubai | Reuters:

Petrochemical shares dragged the Saudi market down in early trade on Tuesday.

The index was 0.2 percent lower, pulled down by Saudi Kayan Petrochemical Co and Sahara Petrochemical , down 0.3 percent and 1.3 percent respectively after second quarter results.

Saudi Kayan posted a net profit of 878.7 million riyals ($234.30 million), up from 242 million riyals a year earlier and beating average analysts’ expectations.