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Tuesday, 27 December 2016

MIDEAST STOCKS-Banks boost Saudi to high for year, rest of Gulf sluggish | Daily Mail Online

MIDEAST STOCKS-Banks boost Saudi to high for year, rest of Gulf sluggish | Daily Mail Online:
"Banking shares boosted Saudi Arabia's stock index on Tuesday to its highest level this year, while other Gulf markets moved little in quiet trade with some foreign investors absent for New Year holidays.

The Saudi index closed up 1.3 percent at 7,257 points in its highest trading volume for two weeks, rising above technical resistance at this year's previous peak of 7,235 points hit in early December.

The banking sector surged 1.8 percent as the biggest lender, National Commercial Bank, climbed 2.1 percent. Banks underperformed the market in the initial reaction to the 2017 state budget at the start of this week, when activity focused on other sectors including petrochemicals."

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