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Petrochem soars on postponed merger

The Saudi Stock Exchange's lead index Tasi ended up 0.04% on Tuesday, closing at 6,735.98 points. Shares of National Petrochemical Co., known as Petrochem jumped 6.10% to SR24.35 after Saudi Industrial Investment Group (off 0.21% at SR23.65) said it would delay a merger with Petrochem until Petrochem's Project, "Saudi Polymers Company", starts up and reaches a stable state of production. "This postponement will help provide a better valuation of the companies involved, as it will rely on actual figures," the statement to the Tadawul bourse says. Sixty-one stocks gained, 55 lost and 29 ended flat.