Mideast Stocks: Aramco-SABIC deal lifts Saudi, ex-dividend stocks hurt Abu Dhabi | ZAWYA MENA Edition:
Saudi Arabia's stock market inched up on Thursday after oil producer Saudi Aramco agreed to buy a 70 percent stake in Saudi Basic Industries, while Abu Dhabi's stock market fell as some stocks traded ex-dividend.
Saudi Arabia's index was up 0.2 percent with market heavyweight Saudi Basic Industries (SABIC) gaining 1.6 percent after the world's largest oil producer Saudi Aramco agreed to buy a 70 percent stake in the firm from the Public Investment Firm (PIF) for $69.1 billion.
The mega deal sent Saudi's petrochemical stocks higher, with SABIC's unit Saudi Kayan Petrochemical adding 0.9 percent, while Aramco's unit Rabigh Refining rose 0.2 percent.
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