Saudi banks leapt to their highest in weeks after Goldman Sachs gave the sector a clean bill of health, saying it saw future rewards as the government embarked on a US$385 billion stimulus programme.
Announcing it would begin coverage of six Saudi banks, the US investment bank assigned a “buy” rating to Samba Financial Group, Saudi British Bank, Banque Saudi Fransi and Arab National Bank.
Goldman was more cautious on Riyad Bank and Al Rajhi Bank, giving them a “neutral” rating."
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