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Tuesday, 8 November 2016

Saudi Cash Boost Spurs Banks as Tadawul Climbs to August High - Bloomberg

Saudi Cash Boost Spurs Banks as Tadawul Climbs to August High - Bloomberg:
"Saudi Arabia’s pledge to unlock delayed payments to contractors by the end of the year propelled the nation’s stocks to the highest level since August.
The Tadawul All Share Index rose 2.1 percent to 6,327.79 in Riyadh on Tuesday, with 141 of the benchmark’s 175 members closing the session higher. Financial stocks led gains, with a gauge of the nation’s 12 lenders rising 2.7 percent. An interest rate used by banks to price loans fell for an eighth day, signaling a further easing of the kingdom’s cash squeeze.
Equities in Saudi Arabia have advanced 13 days out of 15 since the Arab world’s largest economy raised $17.5 billion in a bond sale last month, a record for an emerging market nation. The cash is helping to alleviate a liquidity crunch as the country grapples with a slump in the price of oil, its main source of income. The government said on Monday it would settle payments owed to private companies before the end of 2016."

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