Kuwaiti traders follow the stock market at the Kuwait Stock Exchange (KSE) in Kuwait City after the Kuwait Bourse Company began managing the KSE as of April 25, 2016, officially joining the private sector. / AFP / YASSER AL-ZAYYAT
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Saudi Arabian stocks advanced as investors judged the government shakeup that ushered in a new central banker and oil minister would help the kingdom reduce its dependence on crude.The Tadawul All Share Index rose as much as 1.2 percent before closing 0.2 percent higher at 6,672.48 in a second day of gains.Bloomberg's GCC 200 Index climbed 0.4 percent, the most in almost two weeks.About 65 percent of the index's members rose, or 112 companies.About 137 million shares traded on Dubai's main index, 65 percent lower than the 20-day average. Amanat Holdings PJSC, an investment company with stakes in health care and education businesses, rose 0.1 percent after reporting a 9.5 million dirham ($2.6 million) profit in the first quarter, up from 1.5 million dirhams a year ago.Bahrain Telecommunications Co. declined 0.7 percent after the company, known as Batelco, reported a 33 percent drop in first-quarter profit.The company accounts for almost 40 percent of the benchmark index.
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