MIDEAST STOCKS-Gulf shares gain as modest Fed tapering adds fuel to fire | Reuters:
"Gulf shares rose on Thursday after a modest stimulus trimming by the U.S. Federal Reserve and gains on global markets added fuel to bullish local sentiment and Egypt's bourse also climbed.
The Gulf was never very vulnerable to tighter U.S. monetary policy - its current account and budget surpluses insulate it - but a positive global backdrop aided risk appetite.
Saudi Arabia's index climbed 0.8 percent to 8,510 points - a new 63-month high and extending the breakout from the year's previous peak of 8,425 points.
The heavyweight petrochemicals and banking sectors were the main support. Saudi Basic Industries Corp and Al Rajhi Bank added 1.4 and 0.7 percent respectively."
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