MIDEAST STOCKS-Gulf insurers jump on Q2 results, petchems down on oil | Reuters:
Gulf stocks were mixed on Sunday, with some companies’ positive financial results offsetting a bearish background due to persisting global trade concerns and lower oil prices.
Oil gave up earlier gains late last week as fears that Chinese demand could taper weighed on prices. Brent crude futures settled at $73.21 per barrel on Friday, down 24 cents from their previous close.
As a result, some Saudi petrochemical companies shed value. Blue chip Saudi Basic Industries Corporation (SABIC) lost 0.3 percent, while Saudi Kayan Petrochemical Co and Methanol Chemicals Co dropped 1.1 percent and 1.7 percent, respectively.
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