Saudi Kayan Petrochemical Co. (Saudi Kayan) is expected to witness slight improvement in its performance in the third quarter of 2020 on the back of a measured recovery in average selling prices of its products, Falcom Financial Services said in a new report.
However, the company is still likely to book a net loss during the year, the brokerage noted.
According to Energy Information Administration (EIA), oil demand may improve slightly in the second half of 2020, with prices expected to recover gradually during the period.
Falcom Financial maintained its “neutral” rating on the stock, raising the target price to SAR 8.5 per share.
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