MIDEAST STOCKS-Saudi mkt positive ahead of budget; Dubai blue chips sell-off | News by Country | Reuters:
"Saudi Arabia's bourse garnered solid gains on Monday ahead of the unveiling of the kingdom's 2016 budget, with investors betting on stocks expected to benefit from new economic policy including subsidy cuts, while other markets were mixed.
Saudi Arabia posted a 2015 budget deficit of 367 billion riyals ($97.9 billion) while spending rose 13 percent above the original 2015 budget plan, according to an advisor to the Council of Economic and Development Affairs, speaking about 30 minutes prior to the market closing.
This deficit was below the expected 400-500 billion riyals that was predicted by Saudi economists, but still makes up around 15 percent of gross domestic product."
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