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Sunday, 1 January 2017

MIDEAST STOCKS-Saudi stocks rise with second tier outperforming | Reuters

MIDEAST STOCKS-Saudi stocks rise with second tier outperforming | Reuters:
"Saudi Arabia's stock market rose in early trading on Sunday with activity focusing on second- and third-tier stocks rather than blue chips.

The main Saudi index was up 0.5 percent in the first hour. Petrochemical and banking blue chips were little changed but major gains were seen in stocks such as conglomerate Jazan Development, which jumped 5.9 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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