Saudi Arabian Stocks Rise Above 8,000 Level as Syria Fears Fade - Bloomberg

Saudi Arabian Stocks Rise Above 8,000 Level as Syria Fears Fade - Bloomberg:

"Saudi Arabian shares closed above levels last seen in 2015 as concern about an escalation of geopolitical tensions in the Middle East fades and optimism about rising oil prices and corporate earnings moves to the fore.

The Tadawul All Share Index advanced 1 percent on Monday, finishing above 8,000 points for the first time since August 2015. The gauge rose 1.9 percent on Sunday, the most in 10 months. Concern of a military showdown between the U.S. and Russia in Syria are easing as traders see limited fallout from missile strikes at the weekend.

“Tensions regarding Syria are behind us now, and most analysts are increasing their estimates for oil prices,” said Mazen Alsudairi, head of research at Al Rajhi Capital Co. in Riyadh. Oil is the country’s main export. “Optimism regarding oil prices is reflecting in sentiment, in general.” "



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