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Sunday, 25 December 2016

MIDEAST STOCKS-State budget boosts Saudi, rest of Gulf sluggish; Egypt drops | Reuters

MIDEAST STOCKS-State budget boosts Saudi, rest of Gulf sluggish; Egypt drops | Reuters:
"Saudi Arabia's stock market rose sharply on Sunday in response to the release of the 2017 state budget, which includes an increase in government spending, while other major Gulf bourses were sluggish and Egypt retreated on profit-taking.

The Saudi stock index added 1.5 percent to 7,191 points, nearing technical resistance on this year's peak of 7,235 points, hit earlier this month. Trading volume rose to its highest in over a week.

Financial analysts generally welcomed the budget as balancing the need to continue cutting Saudi Arabia's fiscal deficit with support for economic growth. But many said it would not avert a further slowdown next year from the 1.4 percent gross domestic product growth in 2016."

'via Blog this'