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Tuesday, 8 November 2016

MIDEAST STOCKS-Saudi extends gains as govt payment plan spurs buying, Aldar up on earnings beat | Reuters

MIDEAST STOCKS-Saudi extends gains as govt payment plan spurs buying, Aldar up on earnings beat | Reuters:
"Stock markets in the Gulf edged higher on Tuesday with Saudi Arabian shares heading for a fourth day of uninterrupted gains on positive news from the government's payment plan to the private sector.

Riyadh's general market index rose 0.5 percent with contractor Al Khodari, which works extensively on public financed projects, the top gainer after 15 minutes of trade, leaping 6.8 percent, after the government economic body said it was looking at making payments to the private sector, before the end of December.

Although the amount was not stated, the Council of Economic and Development Affairs said in a state news statement that it had also cancelled projects valued at up to 1 trillion Saudi riyals ($266.7 billion)."

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