MIDEAST STOCKS-Major Gulf bourses mixed; Saudi shares rise on gains by energy, financials - Reuters:
Major Gulf bourses moved sideways on Wednesday, while gains in shares of energy and financials sectors pushed up the region’s biggest stock market Saudi Arabia.
The Saudi benchmark index gained 0.6%, with National Commercial Bank, the country’s largest lender, rising 1.2%, while state-owned Saudi Aramco gaining 0.4%.
The oil giant completed the acquisition of a 70% stake in petrochemicals company Saudi Basic Industries (SABIC) for $69.1 billion from the PIF sovereign fund and has extended the payment period to 2028.
SABIC, which announced appointment of Khalid Al-Dabbagh as its chairman, was up 0.6%.
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