Sunday 23 March 2014

MIDEAST STOCKS-Saudi market recovers, hits five-year high | Reuters

MIDEAST STOCKS-Saudi market recovers, hits five-year high | Reuters:



"* Saudi Arabia's bourse strongest in region



* Follows oil price recovery, IPO progress



* Dubai follows, aided by Emaar



* Index broke technical resistance last week



* Most regional markets little changed



By Olzhas Auyezov

DUBAI, March 23 (Reuters) - Saudi Arabia's bourse led the region on Sunday, recovering from last week's weakness to hit a five-year high with gains in most sectors as global oil prices stabilised.



The index rose 1.3 percent to 9,425 points, its highest level since July 2008. Most stocks closed in the black, including petrochemicals, banks, cement makers and food producers.



"Optimistic sentiment and anticipation of first-quarter results" were the most likely reasons for the rally, said Farooq Waheed, senior portfolio manager at Riyad Capital.



The Saudi index, which includes several large petrochemical companies such as Saudi Basic Industries, eased throughout last week as oil prices retreated. Brent crude , however, partly recovered on Friday."



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