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Monday, 26 December 2016

MIDEAST STOCKS-Saudi post-budget rally stalls, UAE bourses firm | Reuters

MIDEAST STOCKS-Saudi post-budget rally stalls, UAE bourses firm | Reuters:
"The Saudi Arabian stock market's post-budget rally ran out of steam on Monday as the index neared technical resistance, while United Arab Emirates bourses outperformed the region.

The Saudi index added 1.5 percent on Sunday in reaction to Riyadh's modestly expansionary state budget for 2017. But it closed 0.3 percent lower at 7,166 points on Monday in lower trading volume. Technical resistance lies at this year's peak of 7,235 points, hit earlier this month.

Utility Saudi Electricity, which jumped 8.7 percent on Sunday after the government said in the budget that it would raise domestic fuel and electricity prices by unspecified margins later this year, fell back 2.6 percent.

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'via Blog this'