Saudi Arabia's bourse bounces off Monday's 13-week closing low with bargain hunters picking up stocks at attractive prices, with banks and real estate firms leading gains.
The kingdom's index rises 0.5 percent to 7,104 points, holding above the psychological support at 7,000 levels.
"Saudi is in a good place with 7,000 as a key psychological level," says Amer Khan, fund manager, Shuaa Asset Management. "For near-term, I'm hoping we won't see too much of a pull back. I would expect institutional investors to recognise the attractive offers at the moment and buy in. From a fundamental view, there was strong net income growth in Q1 and the momentum should continue for the year."
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