Mideast Stocks: Banks aid Saudi index; other major markets mixed – ZAWYA

Mideast Stocks: Banks aid Saudi index; other major markets mixed – ZAWYA

Mideast Stocks: Banks aid Saudi index; other major markets mixed | ZAWYA MENA Edition HomeMarketsEquitiesArticleMideast Stocks: Banks aid Saudi index; other major markets mixed Saudi Arabia's benchmark index gained 0.5%    A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020. 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. 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.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