The rally Monday erased losses of as much as 0.8 percent and boosted the gauge’s 14-day relative strength index to 75.
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Saudi Arabian stocks surged the most in seven weeks on relief that the nation's plan to prepare for a postoil era won't depend on excessive government spending.Mecca-based Jabal Omar Development's stock climbed the most in three months, Saudi Basic Industries Corp. recorded the biggest jump since August and Al-Rajhi Bank closed at an eight-month high.The kingdom's plan to sell less than 5 percent in Saudi Arabian Oil Co., valued at approximately $2 trillion, in an initial public offering will help boost transparency, the prince said. The nation also seeks to raise home ownership from the current 47 percent and plans to boost the share of non-oil exports to 50 percent from 16 percent, he said.
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