MIDEAST STOCKS-Saudi banks rebound after tax deal, Dubai hits 5-year low | Reuters:
Saudi Arabia’s stock index rose on Monday as banks rebounded after a sell-off triggered by news of a deal with tax authorities, while Dubai dropped to a five-year low, pressured by a slide in Emirates NBD.
The Saudi index was up 0.4 percent with Samba Financial Group gaining 1.7 percent and Alinma Bank adding 2.0 percent. Ten of 12 banking stocks rose.
The sector weakened on Sunday after banks agreed with Islamic tax authorities to resolve a dispute over increased liabilities that will result in one-off payments, although many banks had already made provisions for much of the liabilities.
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