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Saudi stocks closed slightly higher on Saturday after the government announced a 2013 state budget which analysts said was likely to support continued strong economic growth next year.
The market declined early on in response to a drop in global oil prices on Friday, but rebounded after the budget details were released. The government plans to spend SR820bn ($219bn) in 2013, 19 percent higher than the SR690bn earmarked for 2012.
The all-share index gained 0.2 percent to 6,877 points, even though petrochemicals fell slightly in response to the global picture, with Saudi Basic Industries Corp (SABIC) down 0.3 percent.
Oil prices settled lower on Friday after US data showed a sharp rise in gasoline inventories and as investors worried that US budget negotiators may not reach a deal in time to avert a fiscal crisis that could erode oil demand.
Immediate, minor resistance for the index lies around 6,900 points, where it peaked last week, with stronger resistance at the early November peak of 6,961 points.
The budget announcement was not a surprise, but it was seen as mildly positive for domestic demand-related stocks. Budget spending will focus on education, health and transport and communications.
Having seen how Lebanese and Jordanians treat their housemaids, I sure wouldn't want to be an Arabtec employee.
I am a Sri Lankan, and would prefer... more
I agree with Hisham, be it France where Arab youth are arrested for no reason or the US which jails Arabs in Guantanamo, the West has no right to complain... more
Monday, 20 May 2013 3:53 PM - HaythamJust another case of some bloke looking for cheap cash. He should move to USA where winning bogus cases like these seem to be a norm!!!! more
Tuesday, 21 May 2013 1:28 PM - Mr. SKHappy employees, happy customers. Quite simple actually. 60,000 unhappy staff, well, you do the math on how many unhappy customers can result from poor... more
Monday, 20 May 2013 10:27 AM - Louie Tedesco
Having seen how Lebanese and Jordanians treat their housemaids, I sure wouldn't want to be an Arabtec employee.
I am a Sri Lankan, and would prefer... more
Let me put the entire issue in perspective. There are massive traffic problems on the roads of Kuwait, where Kuwait can boast high road fatalities and... more
Tuesday, 21 May 2013 1:28 PM - AbdullahHappy employees, happy customers. Quite simple actually. 60,000 unhappy staff, well, you do the math on how many unhappy customers can result from poor... more
Monday, 20 May 2013 10:27 AM - Louie TedescoIslam is not better than any other religion, to all the muslims out there, stop putting yourself on a pedestal, you are filled with self importance that... more
Tuesday, 14 May 2013 9:58 AM - graeme
Having seen how Lebanese and Jordanians treat their housemaids, I sure wouldn't want to be an Arabtec employee.
I am a Sri Lankan, and would prefer... more
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