MIDEAST STOCKS-Saudi stocks up on banks, rest of the Gulf stagnates | Reuters:
Saudi stocks rose on Sunday, helped by banks as authorities said there were no immediate plans to increase Islamic tax levels, while other Gulf equities fell due to weak global markets and a drop in oil prices.
Saudi Arabia’s main index was up 0.3 percent, boosted by a better performance among banks. Al Rajhi Bank was up 1.1 percent, while National Commercial Bank , the kingdom’s largest bank, was up 1.9 percent.
On Friday, Saudi authorities said they had no current plans to increase Islamic tax levels on the private sector, after Bloomberg reported that the kingdom was mulling plans to increase them.
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