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Sunday, 1 January 2017

MIDEAST STOCKS-Saudi rises, Oman hit by higher telecommunications tax | Reuters

MIDEAST STOCKS-Saudi rises, Oman hit by higher telecommunications tax | Reuters:
"Saudi Arabia's stock market rose on Sunday with much activity focusing on second- and third-tier stocks rather than blue chips, while Oman's bourse was dragged down by a higher tax on telecommunications companies.

The main Saudi index added 0.4 percent. Banking stocks were soft but major gains were seen in a few stocks such as conglomerate Jazan Development, which jumped 5.4 percent after announcing a 0.50 riyal per share dividend for 2016.

Saudi Automotive Services surged its 10 percent daily limit after saying it would post a special gain of 4.4 million riyals ($1.2 million) for the fourth quarter after selling two of its equities investment portfolios.

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