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MIDEAST STOCKS-Oil rally boosts petrochemical shares, lifting Saudi
April 5, 2017 / 8:42 AM / 8 months ago

MIDEAST STOCKS-Oil rally boosts petrochemical shares, lifting Saudi

DUBAI, April 5 (Reuters) - Petrochemicals lifted Saudi Arabia’s stock market on Wednesday as crude oil prices climbed to near a one-month high above $54.50 a barrel, with other markets slightly higher.

All 13 Saudi petrochemical producers rose, with heavyweight Saudi Basic Industries adding 1.0 percent. The index was up 0.6 percent.

In Doha, the index was up 0.1 percent, supported by a 1.5 percent climb in Barwa Real Estate and a 0.6 percent rise in Islamic lender Masraf Al Rayan which said it had formed a committee to manage its merger with Barwa Bank and International Bank of Qatar.

In Dubai most blue chips outperformed their smaller counterparts, helping keep the index steady near the previous session’s close. Dubai Investments rose 1.6 percent and Emaar Properties was up 0.4 percent.

In neighbouring Abu Dhabi, the index was up 0.3 percent, supported by a 0.9 percent rise in shares of newly merged First Abu Dhabi Bank. (Reporting by Celine Aswad; editing by Alexander Smith)

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