MIDEAST STOCKS-Saudi outperforms as markets reopen after Eid holidays | Reuters:
Saudi Arabia’s stock market outperformed by a large margin on Sunday, led by petrochemical stocks, as Middle Eastern bourses reopened after a one-week break for the Muslim festival of Eid Al Adha.
The Saudi stock index rose 1.4 percent, although trading volume was the lowest this year as some individual investors had not yet returned from holidays. Gainers outnumbered losers by 146 to 23.
The market has been buoyed this year by inflows of foreign funds in anticipation of Riyadh joining emerging market indexes next year. Recent exchange data indicates those inflows have slowed but not halted as stock valuations have risen.
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