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Thursday, 27 October 2016

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

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

"Banking shares that were beaten down earlier this month by fears of slowing economic growth in the region boosted several Gulf stock markets on Thursday, 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 partly eased fears of a liquidity drought in the economy.

On Thursday, the sector index climbed 1.5 percent in its seventh straight day of gains. It has risen 13.3 percent in that period. This helped the overall Saudi stock market index gain 0.9 percent on Thursday, although trading volume was modest and fell from Wednesday, a negative technical sign."



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