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Wednesday, 21 June 2017

MIDEAST STOCKS-Saudi rises sharply on appointment of new crown prince | Reuters

MIDEAST STOCKS-Saudi rises sharply on appointment of new crown prince | Reuters:

"Saudi Arabia's stock market rose sharply in early trade on Wednesday after Deputy Crown Prince Mohammed bin Salman, architect of the kingdom's economic reforms, was promoted to the post of crown prince. The Saudi stock index was 2.2 percent higher after seven minutes of trade. National Commercial Bank, the biggest listed lender, surged 4.8 percent. Prince Mohammed's promotion gives further assurance that key reforms – including a plan to sell a stake in national oil giant Saudi Aramco, and austerity measures to close a budget deficit caused by shrunken oil revenues - will continue."



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