Saudi Banks Extend Gains to Outperform Main Index: Inside EM - Bloomberg:
Most Saudi Arabian banking stocks climbed, even as the main local gauge fell, ahead of Saudi Aramco’s giant listing.
The Tadawul Banks Index gained as much as 0.5% with more than half of its members advancing, while the main local gauge slipped 0.2% as of 11:40 a.m. in Riyadh. Al Rajhi Bank and National Commercial Bank contributed the most to the sector-gauge’s increase.
Last week the index tracking 11 banks outperformed the main gauge. That’s partly because lenders are expected to get a revenue boost by providing clients margin loans and brokerage services to customers buying Aramco shares.
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