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Sunday, 23 April 2017

MIDEAST STOCKS-Saudi shares up on news civil servant, military allowances restored | Reuters

MIDEAST STOCKS-Saudi shares up on news civil servant, military allowances restored | Reuters:

"The Saudi stock index jumped in early trade on Sunday on overnight news that King Salman had issued a royal decree restoring financial allowances for Saudi civil servants and military personnel.

The allowances were reduced last September as part of austerity measures due to low oil prices. Officials said on Saturday that the cuts had been cancelled because of better-than-expected budgetary performance in the first quarter of 2017.

Advancing shares outnumbered declining ones 152 to 6, taking Riyadh's index 1.4 percent higher after 25 minutes of trade, with domestically focused shares in the lead."



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