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Monday, 17 April 2017

MIDEAST STOCKS-Saudi banks buoyed by results, Eshraq rises on fund tie-up | Reuters

MIDEAST STOCKS-Saudi banks buoyed by results, Eshraq rises on fund tie-up | Reuters:

"Two Saudi Arabian banks outperformed in early trading on Monday after reporting their first-quarter earnings, while shares in Abu Dhabi real estate firm Eshraq were boosted by a plan to tie up with state fund Mubadala. Shares in the second largest Saudi lender by assets, Al Rajhi Bank, rose 0.8 percent after it reported a net profit of 2.22 billion riyals ($589 million), up 10.1 percent from the prior-year period and in line with analysts' average forecast of 2.16 billion riyals. The Islamic bank had dropped 2.3 percent on Sunday on news that it was among Saudi companies being sued by U.S. insurers over the Sept. 11, 2001 attacks. "



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