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Sunday, 23 April 2017

MIDEAST STOCKS-Saudi boosted by civil servant perk restoration, Egypt corrects | Reuters

MIDEAST STOCKS-Saudi boosted by civil servant perk restoration, Egypt corrects | Reuters:

"Saudi stocks rose in heavy volumes on Sunday as investors cheered news that King Salman had issued a royal decree restoring financial allowances for civil servants and military personnel, while Egypt fell steeply on profit taking. The allowances were reduced last September as part of austerity measures due to low oil prices. Officials said on Saturday the cuts had been cancelled because of better-than-expected budgetary performance in the first quarter of 2017. The move is likely to boost consumption, benefiting the retail and food sectors, according to economists at Riyadh-based Alrajhi Capital."



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