MIDEAST STOCKS-Saudi gains on oil price rally, state spending boost | Reuters:
Saudi shares rose 1.3 percent on Sunday to their highest close in more than a month, fueled by an oil price rally and the kingdom’s plans to boost state spending.
The Saudi index closed at 7,999.5 points, the highest level since August 29, with petrochemicals giant Saudi Basic Industries closing 1.5 percent higher and refiner Petro Rabigh up 2.6 percent. Banks also gained with Al Rajhi Bank up nearly 2 percent and Samba Financial Group rising 1.1 percent
On Friday Brent crude futures rose $1 to settle at $82.72 a barrel, with the session high of $82.87 the contract’s highest since Nov. 10, 2014.
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