Tuesday 30 June 2020

MIDEAST STOCKS-Banks aid #Saudi index; other major markets mixed - Agricultural Commodities - Reuters

MIDEAST STOCKS-Banks aid Saudi index; other major markets mixed - Agricultural Commodities - Reuters:

Saudi Arabia’s stock market rose on Tuesday led by banking shares, as the kingdom is set to triple value-added tax (VAT) starting from July 1, while other major regional markets were mixed.

Saudi Arabia’s benchmark index gained 0.5%, with Al Rajhi Bank rising 0.5% and petrochemical firm Saudi Basic Industries adding 0.8%.

The kingdom will triple value-added tax to 15% from 5% as of July 1, seeking to shore up finances hit by low oil prices as the coronavirus outbreak pummels global demand for its lifeline export.

Samba Financial Group, however, slipped 0.4%, after three straight sessions of gains spurred by an initial merger agreement with National Commercial Bank (NCB), the kingdom’s biggest lender, to create a combined entity with almost $214 billion in assets.

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