MIDEAST STOCKS-Saudi rises for a sixth day, Dubai gains on financials - Reuters:
Saudi Arabia’s stock market rose in early trade on Sunday and was set for a sixth straight session of gains, led by banking shares, which also bolstered the Dubai index.
The benchmark Saudi index edged up 0.1%, with the kingdom’s largest lender National Commercial Bank increasing 1.6%, and Saudi British Bank gaining 1%.
The country’s banking sector continues to enjoy a high level of liquidity, the kingdom’s central bank governor said on Sunday.
The statement could allay market fears that Saudi oil giant Aramco’s initial public offering (IPO) - which could be the world’s largest so far - might soak up market liquidity as Saudi investors direct their wealth towards the offering.
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