MIDEAST STOCKS-Saudi recovers some losses, most of Gulf inches up | Reuters

MIDEAST STOCKS-Saudi recovers some losses, most of Gulf inches up | Reuters:

Saudi Arabia’s stock market partially recovered early on Monday from steep losses triggered by the disappearance of dissident journalist Jamal Khashoggi, encouraging a modest uptrend throughout the region.

The Saudi index, which had tumbled 7.2 percent over the previous two trading days because of concern the Khashoggi case could trigger U.S. sanctions against Riyadh and shrink inflows of foreign investment, rebounded 2.2 percent in the first half-hour on Monday.

Petrochemical firms that had led the declines were particularly strong on Monday. The Gulf’s biggest petrochemical producer, Saudi Basic Industries, jumped 4.4 percent.