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Monday, 31 October 2016

MIDEAST STOCKS-Region rises as Saudi gains for ninth day on easing liquidity | Reuters

MIDEAST STOCKS-Region rises as Saudi gains for ninth day on easing liquidity | Reuters:

"Major stock markets in the Middle East rose slightly on Monday, outperforming sluggish bourses in Asia and Europe, as Saudi banks continued rebounding on the back of October's huge international bond issue by their government.

The bond issue has allowed the government to suspend, at least temporarily, domestic bond sales and, in conjunction with other steps, this has started to ease a liquidity crunch in the banking system due to low oil prices. Short-term Saudi money rates have fallen in the last two days.

That has sustained a rally in the stock market, where the main index climbed for a ninth straight trading day on Monday, gaining 0.6 percent in active trade. It has surged 10.1 percent during the nine-day period, although it is still 10.3 percent below its July peak."



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