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Thursday, 27 October 2016

MIDEAST STOCKS-Banks boost Gulf markets despite weak global environment | Reuters

MIDEAST STOCKS-Banks boost Gulf markets despite weak global environment | Reuters:

"Banking shares that had been beaten down earlier this month by fears of slowing global economic growth headed for a seventh day of gains on Thursday, boosting Gulf stock markets despite weakness in Asian bourses and oil prices.

The Saudi bank sector has been strong since last week's big international bond sale by the government partially eased fears about a liquidity drought in the economy, and on Thursday morning the sector index was up 1.4 percent.

This helped the overall Saudi stock market index climb 0.8 percent. Most petrochemical shares underperformed but PetroRabigh added 4.4 percent after saying it remained committed to executing a rights issue.

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