MIDEAST STOCKS-Saudi shares boosted by strong banking results; Egypt bourse weak | Reuters:
"Banking shares helped lift Saudi Arabia's bourse on Tuesday as two lenders beat analysts' earnings forecasts, helping boost investor sentiment across the region, while Egypt extended its correction.
Banque Saudi Fransi jumped 6.7 percent to 27.00 riyals after it reported a 2.7 percent increase in first-quarter net profit to 1.08 billion riyals ($288 million) after market close on Monday.
Four analysts surveyed by Reuters had on average forecast the bank would make a quarterly profit of 964.3 million riyals. In a note by Riyad Capital published on Tuesday analysts maintained a "buy" rating on the stock with a price target of 34.00 riyals adding that the stock will continue to perform well in the near term."
'via Blog this'
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