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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