Mideast Stocks: Saudi rises on oil support plan, ADIB soars | ZAWYA MENA Edition:
Saudi Arabia's stock market rebounded on Monday after three days of falls, welcoming Riyadh's plan to reduce oil supply in order to support crude prices. Abu Dhabi Islamic Bank soared on news it would let foreigners buy its shares.
The Saudi index rose 0.8 percent after the energy minister said late on Sunday that Saudi Arabia would reduce oil supply to world markets by 0.5 million barrels per day in December, pushing Brent oil up more than 2 percent on Monday.
Financial heavyweight Al-Rajhi Bank added 1.1 percent and was the biggest boost to the bourse while Samba Financial Group climbed 1.2 percent.
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