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Wednesday, 21 June 2017

MIDEAST STOCKS-Saudi cheers new crown prince, MSCI news; oil price hits rest of Gulf | Reuters

MIDEAST STOCKS-Saudi cheers new crown prince, MSCI news; oil price hits rest of Gulf | Reuters:

"Saudi Arabia's stock market jumped over 5 percent on Wednesday after the architect of the kingdom's economic reforms was appointed crown prince and index compiler MSCI said it would consider upgrading Riyadh to emerging market status. The stock index surged 5.5 percent, its largest single-day rise since August 2015, to 7,335 points, its highest level since December 2015. Trading volume was the largest this year. Fund managers said the appointment of Prince Mohammed bin Salman, previously deputy crown prince, to be first in line for the throne was not unexpected, but came sooner than anticipated."



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