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Sat 16 Jul 2011 03:58 PM

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Banks lift Saudi bourse to higher close

All-share index TASI closes 0.2 percent higher at 6,523 points and banking index gains 0.4 percent

Banks lift Saudi bourse to higher close
Dubai stock market

Saudi shares closed higher, led by gains in the
banking sector after quarterly earning of several lenders beat
analyst forecasts.

The all-share index TASI closed 0.2 percent higher at 6,523 points and the banking index gained 0.4 percent.

SABB added 0.1 percent after posting a 90 percent rise in net profit for the second quarter, beating forecasts.

Heavyweight Al Rajhi Bank gained 0.7 percent.

Saudi Electricity Co closed 0.7 percent higher after it posted a 25 percent increase in its second-quarter net profit on higher tariffs and increased sales.