MIDEAST STOCKS-Saudi stocks gain as Aramco rebounds; other markets little changed - Reuters:
Saudi stocks edged up on Monday, supported by gains in
financial shares and a rebound by Saudi Aramco after three sessions of losses,
while other Middle Eastern markets were little changed.
Saudi Arabia's index gained 0.2% as Saudi Aramco reversed
course to close up 0.7% at 34.6 riyals ($9.22), offsetting earlier losses.
On Sunday, Al Rajhi Capital Research rated Aramco "neutral", in line with
most other brokerages, and set a target price of 37.5 riyals per share.
JP Morgan was the first major brokerage to initiate coverage of Saudi
Aramco, rating it "overweight" and setting a price target of 37 riyals per
share. It said it sees scope for an increase in the company's proposed $75
billion base dividend.
Banque Saudi Fransi rose 1.8% and the chemicals company Saudi
Basic Industries gained 0.8%. National Medical Care < 4005.SE> gained
1.7% after the government awarded a medical services contract worth 278.5
million riyals ($74.24 million).
No comments:
Post a Comment