MIDEAST STOCKS-Saudi Arabia up on banks, weak earnings hurt Dubai - Reuters:
Saudi Arabia's stock market rose
moderately on Wednesday, lifted by its banking shares following
index provider MSCI's decision to include multiple lenders,
while Dubai was pressured by a string of disappointing corporate
earnings.
Saudi Arabia's index increased 1.3% with Al Rajhi
Bank gaining 2.1% and Alinma Bank rising
2.6%, while National Commercial Bank was up 0.9%.
"The 10% to 15% correction in large caps especially the top
banks made them look pretty reasonable in terms of valuations,"
said Vrajesh Bhandari portfolio manager at Al Mal Capital.
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