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Thursday, 22 June 2017

MIDEAST STOCKS-Saudi extends rally on new crown prince, MSCI; foreign funds boost Doha | Reuters

MIDEAST STOCKS-Saudi extends rally on new crown prince, MSCI; foreign funds boost Doha | Reuters:

"Saudi Arabia's stock market extended on the previous session's rally on Thursday as investors focused on shares likely to benefit from economic reforms and from MSCI's decision while Qatar rebounded as foreign funds were net buyers. The Riyadh index added 1.2 percent to a 20-month high of 7,426 points in heavy trade. It is now up 6.8 percent in reaction to the appointment of the architect of the economic reform and privatisation plans, Prince Mohammed bin Salman, to crown prince. Previously the 31-year old was deputy crown prince. Some shares which were top gainers on the previous day continued to rally with the only listed miner, Saudi Arabian Mining, surging 9.4 percent. The now crown prince had previously stressed the importance of expanding the mining sector as part of plans to diversify the economy from oil."



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