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Sunday, 30 October 2016

MIDEAST STOCKS-Gulf markets consolidate but Saudi banks continue rebound | Reuters

MIDEAST STOCKS-Gulf markets consolidate but Saudi banks continue rebound | Reuters:

"Gulf stock markets consolidated in early trade on Sunday because of a lack of positive factors and sluggish global bourses, but Saudi Arabian banks continued to rally.

Saudi Arabia's index edged up 0.3 percent in the first 30 minutes as banks, which have led the market up for seven straight days in response to Riyadh's mammoth international bond sale, gained 0.6 percent.

The biggest lender, National Commercial Bank, surged 3.2 percent. Late on Thursday, the central bank announced fresh steps to ease a liquidity crunch caused by low oil prices, lowering the maximum volume for its Treasury bill issues and introducing a new 90-day repurchase instrument to inject funds into the money market when needed."



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