SABIC profit drives up KSA market index

Better-than-expected earnings at Saudi Basic Industries Corp. (SABIC) boosted the Saudi stock market on Sunday, according to reports.
SABIC’s stock rose by 2.9 percent to SR90.25, bringing its gains over the past 10 trading days to 15 percent. The Tadawul All-Share Index climbed 1.2 percent.
Growing hopes that oil prices may have bottomed out, with Brent crude hovering around $50 a barrel, have encouraged some investors to start buying back petchems in the last couple of weeks, Reuters reported.