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Wednesday, 21 December 2016

MIDEAST STOCKS-Saudi market rises before 2017 budget, Egypt extends bull run | Reuters

MIDEAST STOCKS-Saudi market rises before 2017 budget, Egypt extends bull run | Reuters:
"Saudi Arabia's stock market rose on Wednesday on the eve of the government's release of its 2017 budget, and Egypt's extended a bull run fuelled by foreign money and last month's float of the Egyptian pound.

The Saudi stock index climbed 0.4 percent, though trading volume shrank to its lowest level in two months as many investors became cautious before the budget announcement.

Sources familiar with budget planning told Reuters the government would reveal substantial progress in cutting the budget deficit from a record high in 2015, and that state spending would be raised to support economic growth. Domestic energy prices are expected to be increased to ease the government's subsidy burden."

'via Blog this'