MIDEAST STOCKS-Saudi surges 7.4 pct in heavy trade as region rebounds | Reuters:
"Arabia's stock market surged
7.4 percent on Tuesday as the region rebounded from several days
of heavy selling, encouraged by stronger oil prices and rising
global bourses.
The main Saudi stock index's leap to 7,543 points
was accompanied by the highest trading volume since May 2014, a
positive technical signal. It followed a slide which had taken
the index down 23 percent in August, erasing over $100 billion
of market value.
The bourse's rebound, which accelerated in late trade,
partly eased concern about pressure on the Saudi riyal's peg to
the U.S. dollar. One-year dollar/riyal forwards fell 15
percent and five-year Saudi credit default swaps
, used to insure against a sovereign debt
default, dropped to 100 basis points from 120."
'via Blog this'
No comments:
Post a Comment