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Sunday, 25 December 2016

MIDEAST STOCKS-Saudi surges on budget, Saudi Electricity leaps | Reuters

MIDEAST STOCKS-Saudi surges on budget, Saudi Electricity leaps | Reuters:
"Saudi Arabia's stock market surged in early trade on Sunday in response to the release of the 2017 state budget, which includes an increase in government spending next year to support flagging economic growth.

The Saudi stock index added 1.1 percent to 7,167 points in the first 15 minutes, nearing technical resistance on this year's peak of 7,235 points, hit earlier this month.

Utility Saudi Electricity jumped 6.6 percent after the government said in the budget it would raise domestic fuel and electricity prices by unspecified margins later this year."

'via Blog this'