MIDEAST STOCKS-Gulf markets rise ahead of Saudi budget | Reuters

MIDEAST STOCKS-Gulf markets rise ahead of Saudi budget | Reuters:



"Gulf stock markets resumed rising on Wednesday ahead of the release of Saudi Arabia's 2015 state budget, which is expected to be announced on Thursday and show the government keeping spending at high levels despite the plunge of oil prices.



Regional bourses collapsed in early December because of fears that reduced oil export revenues would prompt Gulf governments to scale back economic development projects, hurting corporate profits.



But it has become clear in the past week that sharp cut-backs are unlikely, with the possible exception of the two smallest and fiscally weakest countries in the Gulf Cooperation Council, Bahrain and Oman."



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