Mideast Stocks: Saudi banks stabilise after tax settlement, Dubai sinks | ZAWYA MENA Edition:
Most Gulf stock markets moved little early on Monday and Saudi Arabian banking shares were largely stable after some dropped on the previous day in response to news of a deal with tax authorities. Two blue chips dragged Dubai's market down sharply.
The Saudi index was up 0.1 percent after 80 minutes with Al Rajhi Bank flat and Samba Financial Group adding 0.5 percent. Five bank stocks were higher, two lower and the rest flat.
Saudi 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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