MIDEAST STOCKS-Saudi market rallies ahead of 2014 budget announcement | Reuters:
"Saudi Arabia's bourse rose for a fifth consecutive session on Tuesday and approached the year's peak as investors bought shares ahead of the 2014 budget announcement expected later this month. Regional shares were mixed with few catalysts.
Saudi Arabia's index climbed 0.5 percent to 8,399 points, its highest since Nov. 18's 2013 intraday peak of 8,425.
"The market has to break with confidence the 8,400 area on good turnover and it could very well do it as we are gearing up for the budget announcement later in the month," said John Sfakianakis, chief investment strategist at Saudi investment firm MASIC. "Also, Q4 profits are in investors' minds and that seems to be a positive driver for the market."
Saudi Arabia tends to set record budgets every year, which are conservative numbers compared to actual spending. The announcement is expected in the second half of December."
'via Blog this'
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