BUZZ-Saudi's SABIC, Sipchem up on Q1 earnings beats

** Shares in two major Saudi Arabian petrochemical companies rise after they beat first-quarter earnings estimates, in large part because of cost-cutting, which partially offset slumping product prices and higher feedstock costs ** Saudi Basic Industries rises 1.7 percent after reporting 13.2 percent drop in net profit to 3.41 billion riyals ($909.4 million), versus analysts' average forecast of 2.84 billion riyals ** Sipchem climbs 1.7 percent after posting 37.1 percent drop in profit to 50.7 m