MIDEAST STOCKS-SABB's HSBC deal lifts #Saudi, major Gulf markets rise - Reuters

MIDEAST STOCKS-SABB's HSBC deal lifts Saudi, major Gulf markets rise - Reuters:

Saudi British Bank (SABB) rose on Sunday after the lender said it agreed to sell 2 percent of HSBC Saudi Arabia, its investment bank, while Gulf stocks were higher as companies begin to report first-quarter earnings.

SABB was up 0.4 percent. The lender said the value of the sale was 36 million riyals ($9.60 million). Following the completion of the transaction, SABB will own 49 percent, while HSBC Asia Holdings will own 51 percent in HSBC Saudi Arabia.

Saudi Arabia’s main index, the Tadawul All-Share benchmark , was up 0.04 percent.