RIYADH: Oil prices and positive corporate news helped Saudi Arabia’s market to rise up, while fresh plans for amusement park attractions boosted Dubai. Brent crude oil futures reversed early losses to rally to $55.50 barrel as talks over Iran’s nuclear programme dragged on, curbing expectations for an immediate deal that would allow more Iranian crude onto the market.
The main Saudi stock index edged up 0.4 percent as heavyweight Saudi Basic Industries, the kingdom’s top petrochemicals producer, rose 1.0 percent to 80.75 riyals, having found support just above its March low of 79.25 riyals.
National Petrochemical Co (Petrochem) surged 7.1 percent after announcing that its subsidiary Saudi Polymers Co had completed all of its obligations under financing agreements with its local and international lenders and would no longer need third-party financial guarantess.
Saudi Arabian Mining Co (Ma’aden) rose 1.7 percent after restarting the ammonia plant which it had to shut down last week because of a cooling facility fault.
Arabian Cement Co climbed 1.5 percent after announcing it had signed a deal for the construction of a new line at its plant in Rabigh.
The banking sector also rebounded after a sell-off in the two previous sessions and rose 0.6 percent.
