MIDEAST STOCKS-Saudi index hits 5-yr high as blue chips rise | Reuters:
"Saudi Arabia's bourse rose to a five-year high on Thursday in a new trend which signals the return of investor confidence in blue chips, while most other regional markets also advanced.
After most Saudi banks and petrochemical firms posted third-quarter earnings that beat analysts' forecasts, investors are pricing in a continued trend for the next quarter's results.
"The market will be looking for Q4 earnings as an indicator for where to go from here," said John Sfakianakis, chief investment strategist at Saudi investment firm MASIC. "If we do see an upward move before that, it could be an exaggeration."
Sfakianakis said the market was fairly valued at this point and was likely to trade sideways for the next two weeks or until there are fresh catalysts."
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