MIDEAST STOCKS-Saudi rises to near 16-mth high; other mkts mixed | Reuters:
"Saudi Arabia's bourse rose to a near 16-month high on Wednesday, close to last year's peak, as investors bought shares in companies that they believed would profit from increased consumer spending during Ramadan, the Muslim month of fasting.
The index climbed 0.7 percent to its highest close since April 2012. Trading volumes were above the 30-day average for a second consecutive session.
"This is unusually high activity especially ahead of Eid holidays - investors are building positions on a positive earnings outlook for the third quarter," said Asim Bukhtiar, head of research at Riyad Capital. Eid marks the end of Ramadan; the exchange will close for a week starting Aug. 6."
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