MIDEAST STOCKS-Saudi outperforms as spending, borrowing plans lift banks | Reuters

MIDEAST STOCKS-Saudi outperforms as spending, borrowing plans lift banks | Reuters:



"Most Gulf stock markets fell on
Sunday, tracking weak oil prices, but Saudi Arabia rose after
the government said it would keep borrowing to finance important
projects and Etisalat lifted Abu Dhabi ahead of expected foreign
fund inflows.



Oil futures fell on Friday as traders shrugged off a drop in
the number of U.S. rigs drilling for oil and focused instead on
a supply glut and declining stock prices on Wall Street. Brent
crude settled down $1.07 at $49.61 a barrel; it fell
almost 1 percent on the week.



But Saudi Arabia's main stock index climbed 0.6
percent on Sunday after Finance Minister Ibrahim Alassaf said
the cabinet would press ahead with projects deemed important for
the economy, while cutting unnecessary expenses to compensate
for low oil prices."



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