SABIC gains as Emirates NBD sees more growth for petrochems
The Riyadh-based Tadawul All-Share Index added 0.11 per cent to reach 9,775.85 points on Monday, May 12. SABIC, the world’s biggest manufacturer of petrochemicals gained 0.24 per cent to close at SAR118.75. Earlier in the day, Anita Gupta, the equity strategist at Emirates NBD wealth management said she was positive on chemicals and long-term prospects for the sector remain positive as emerging and frontier market per capita consumption of petrochemical products move towards those of developed markets. Emirates NBD wealth management said it recommends to overweight developed markets within the next one to three years, especially the U. S. due to “good corporate earnings perspectives”.