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Thursday, 20 October 2016

MIDEAST STOCKS-Mammoth bond issue boosts Saudi, Egypt rebounds | Reuters

MIDEAST STOCKS-Mammoth bond issue boosts Saudi, Egypt rebounds | Reuters:

"Saudi Arabia's stock market rose sharply on Thursday as banks rallied after the kingdom's mammoth international bond sale, which could help to unclog liquidity bottlenecks in the economy. Egypt bounced as investors bought into recent dips.

The Saudi index gained 2.3 percent in sharply higher turnover as all but one of the banks advanced, with Samba Financial, which earlier this week had reported a drop in third-quarter net income, jumping 5.2 percent.

The kingdom conducted the world's largest emerging market bond sale on Wednesday, selling $17.5 billion of debt in the government's first international offer while attracting investor orders totalling almost four times that amount.

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