MIDEAST STOCKS-Banks lift #Saudi index; major Gulf markets mixed | Reuters

MIDEAST STOCKS-Banks lift Saudi index; major Gulf markets mixed | Reuters:

Saudi Arabian stocks rose in early trading on Monday, bolstered by bank shares, while major Gulf markets moved sideways.

Saudi Arabia’s main index was up 0.4 percent. Major bank Al Rajhi Bank rose 0.6 percent after posting a full-year net profit 10.30 billion riyals ($2.75 billion), up from 9.12 billion riyals a year earlier.

The index has benefited from foreign fund inflows since the start of the year as funds build positions before Saudi Arabia’s entry into the MSCI emerging-market benchmark in the middle of this year.