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Monday, 28 November 2016

MIDEAST STOCKS-Second-tier stocks boost Saudi, foreign money supports Egypt | Reuters

MIDEAST STOCKS-Second-tier stocks boost Saudi, foreign money supports Egypt | Reuters:
"Strength in second-tier stocks favoured by local retail investors boosted Saudi Arabia's stock market on Monday, while foreign buying helped Egypt partially rebound from a drop on Sunday and most other Middle East bourses fell.

Saudi Arabia's index climbed 0.9 percent to 6,904 points, rising above major technical resistance on its April peak of 6,876 points. A second consecutive close above that level would be very bullish technically and point to the index reaching around 8,400 points in the long term.

The Saudi market has been strong since the kingdom's $17.5 billion international bond issue in late October partly eased concern about Riyadh's ability to cope with an era of cheap oil."

'via Blog this'