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UPDATE 2-MIDEAST STOCKS-Strong oil supports Saudi Arabia; Egypt slips
April 26, 2015 / 8:58 AM / 2 years ago

UPDATE 2-MIDEAST STOCKS-Strong oil supports Saudi Arabia; Egypt slips

(Updates with Saudi Arabia, Egypt open)

DUBAI, April 26 (Reuters) - Saudi Arabia’s stock market rose in early trade on Sunday, supported by stronger oil prices, while Egypt’s bourse edged down.

Brent crude hit a 4-1/2-month high of $65.80 on Friday because of continued fighting in Yemen and, although U.S. crude fell on concerns about another upcoming stock build, both benchmarks posted weekly gains.

The main Saudi equities index added 0.6 percent on Sunday morning and petrochemicals giant Saudi Basic Industries (SABIC), which is poised to benefit from stronger oil, was the main support, rising 1.9 percent.

Saudi International Petrochemical Co (Sipchem) jumped 3.1 percent, extending gains since it said last week that it had finished testing a new plastics plant owned by an affiliate..

Petrochemicals and metals firm National Industrialisation Co (Tasnee) rose 1.4 percent after announcing it had picked contractors to build a titanium sponge plant for its majority-owned Cristal subsidiary.

Retailer Jarir Marketing, which said on Sunday it had launched a new showroom in the city of Jazan, climbed 1.3 percent.

Meanwhile, Egypt’s market edged down 0.5 percent with most stocks in the red.

Egypt said on Saturday it had extended by three months a state of emergency imposed on parts of northern Sinai in October after Islamist militants stepped up attacks in the peninsula bordering Israel, Gaza and the Suez Canal. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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