June 22, 2013 / 1:00 PM / 5 years ago

STOCKS-NEWS-MIDEAST-Saudi stocks reverse losses, close up

1243 GMT- Saudi stocks regain early losses and close up 0.01 percent to 7,527.36 points.

The petrochemicals index falls 0.83 percent. Sabic closes down 1.08 percent. However the banking index is up 0.17 percent.

The Saudi food company Savola is down 0.99 percent after saying on Saturday a fire at its United Sugar Co in Jeddah on Thursday would not affect its projected 2013 financial results.

The Saudi labour ministry said more than 1.5 million foreign workers in Saudi Arabia have changed their residence status since April ahead of a planned crackdown on illegally registered expatriates in the world’s leading oil exporter. ---------------------------------------------------------------- 0820 GMT- Saudi stocks fall in early trade on Saturday following a slump in global equity markets prompted by Federal Reserve Chairman Ben Bernanke last week saying he would pare back monetary stimulus.

The kingdom’s benchmark all-share index drops 0.6 percent to 7481.49 points.

The petrochemicals index is down 0.96 percent with Sabic down 0.8 percent.

Oil slid for a second day in choppy trade on Friday, with Brent posting its biggest two-day drop since September as the U.S. dollar rallied and traders feared slower oil demand in China and diminished investor demand in the United States.

In the banking sector, the index falls 0.46 percent. Al Rajhi Bank drops 0.35 percent.

Last Saturday, Saudi Arabia’s stock market plunged 4.3 percent to a 13-month low, with its biggest listed companies losing value.

Reporting by Reem Shamseddine; Editing by Angus McDowall

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