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Monday, 5 September 2016

MIDEAST STOCKS-Oil rally boosts Saudi, property shares support UAE | Reuters

MIDEAST STOCKS-Oil rally boosts Saudi, property shares support UAE | Reuters:

"Saudi Arabia's stock market posted its biggest daily gain in four months on Monday as oil prices surged, while shares of Dubai's property developers rose before a major exhibition for the industry this week.

Riyadh's stock index rose 1.7 percent to 6,204 points, and trading volume grew by more than half, as Brent crude futures jumped almost 5 percent before a news conference at which Saudi Arabia and Russia said they would cooperate in oil markets.

The two countries said they would not act immediately, and many analysts doubt the agreement will make much difference to oil prices in the long run. But oil's surge was enough to boost Saudi petrochemical shares, with bellwether Saudi Basic Industries gaining 2.7 percent."



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