MIDEAST STOCKS-Markets narrowly mixed; Qatar recovers from 2-week low | Reuters

MIDEAST STOCKS-Markets narrowly mixed; Qatar recovers from 2-week low | Reuters:

"* Petrochemical shares support Saudi

* No major reaction to slower spending rise in 2014 state budget

* Kuwait closes before court upholds election result

* Small caps dominate UAE

* Qatari Investors Group soars as institutions buy

By Nadia Saleem

DUBAI, Dec 23 (Reuters) - Middle Eastern share markets were narrowly mixed on Monday, struggling for direction amid a lack of new catalysts, although Qatar's bourse recovered from a two-week low as bargain hunters returned.

Saudi Arabia's benchmark climbed 0.1 percent to a new five-year high after trading flat for most of the session. Petrochemical shares supported the market with the sector's index up 0.2 percent.

The market showed little reaction to the announcement of the 2014 state budget, which projected spending would rise a modest 4.3 percent from this year's plan, suggesting the kingdom was starting to slow expenditure growth after three years of huge increases.

Kuwait's index also climbed 0.1 percent. After the close, the Constitutional Court ruled that parliamentary elections held earlier this year were legal, rejecting suits that could have caused the dissolution of parliament and fresh elections."

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