MIDEAST STOCKS-Saudi stocks up strongly as banks move higher after OPEC deal - Reuters:
The Saudi stock market was up sharply on
Sunday, led by banking shares, after OPEC and its allies agreed
to extend production cuts by 500,000 barrels per day to support
oil prices.
Saudi Arabia spearheaded a deal on Friday where the OPEC+
group of oil producers will commit to some of the deepest output
cuts in a decade aiming to avert oversupply and bolster prices.
The Saudi exchange closed 2.4% higher at 8,099
points in heavy volume, banking stocks Al Rajhi Bank
and National Commercial Bank were up 1.6% and 3.1%
respectively.
Arabian Centres added 2.6% after its board
approved a 0.90 riyal per share dividend for the first half.
Meanwhile State-owned oil group Saudi Aramco priced its
initial public offering at 32 riyals ($8.53) a share, the top of
its indicative range, the company said on Thursday. This will
make it the world's biggest IPO which will raise more than
Alibaba's $25 billion listing in 2014.
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