MIDEAST STOCKS-Saudi rise on inflows, strong earnings, Dubai hit by weak investor confidence.:
"Saudi stocks rose to the highest level in more than two years as optimism over increased foreign inflow and strong earnings sustained positive investor sentiment for the Gulf’s biggest market. Latest exchange data showed foreigners bought a record $384 million of Saudi Arabian stocks on a net basis last week, showing sustained international interest in the market. The Tadawul index rose above 8300 points, the highest level since August 17, 2015. Bank AlJazira was up 5.3 percent after Bahrain’s Ahli United Bank said it acquired a 7.3 percent stake in the Saudi Islamic lender. Saudi Telecom rose 0.9 percent after it reported a first quarter profit of 2.59 billion Saudi riyals ($691 million), versus 2.53 billion riyals last year, broadly in line with analysts’ forecasts. Saudi’s Mobily jumped 3.8 percent after it narrowed its first quarter loss to 93 million riyals versus a loss of 163 million a year ago. Dubai stocks underperformed at the opening bell on Monday on weak investor confidence, as companies were seen to be restrictive with dividends. "
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