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The Saudi stock market closed higher on Thursday, surpassing most major Gulf markets, posting solid business results and a sense of market confidence after a three-day investment conference in Riyadh.
The main index of Saudi Arabia closed up 3.4% in heavy transactions to 7,836 points, its highest level in two weeks.
An international investment conference in Riyadh ends Thursday with the announcement by the government of multibillion dollar contracts or memoranda of understanding. Some senior Western officials boycotted the conference after the assassination of Saudi journalist Jamal Khashoggi.
Saudi Crown Prince Mohammad bin Salman had said the day before that Khashoggi's killings would be brought to justice in his first public statements since the death of the Saudi journalist who has been condemned by the international community.
"The Crown Prince 's message to the Future Investment Initiative conference is positive and the market sentiment has improved, and a lot of money is coming from individual investors, which is evidence of support. General, "said Barghouthi Club, head of asset management at Emirates Investment Bank.
He added that next week it would be important for the market to determine whether future funds are strategic buyers or short-term traders.
Al Rajhi Bank jumped 6.6% after posting a 13.6% rise in earnings in the third quarter, according to analysts' estimates.
Saudi Basic Industries Corp (Sabic), the largest petrochemical group, jumped 6.2%, while the Arab National Bank (NBAD) jumped 7.2% after a profit up 14.7% third quarter, thanks to the reduction in operating costs.
The Saudi Arabian Bank grew 4.6% after posting 1.25 billion riyals (333 million USD) in the third quarter, against 1.08 billion a year earlier.
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Source: Dawn
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