Middle East Stocks Narrowly Mixed in Light Trade Ahead of Year End


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Middle East shares were narrowly mixed, with little direction ahead of year end.

Saudi Arabia eked out a new five-year high after the 2014 state budget, which projected spending would rise a modest 4.3% from this year's plan, suggesting the kingdom was starting to slow expenditure growth after three years of huge increases.

Egypt will complete payment this week of $1.5 billion of the $6.3 billion it says it owes oil firms, a state executive said on Monday, in line with a plan aimed at restoring confidence in an economy hit by nearly three years of political turmoil.

In ADR news, Elbit Systems ( ESLT ) says the Australian Department of Defence has exercised options for additional quantities under an extant contract via a contract change, and also hired ESLT to conduct a Risk Reduction Activity via a survey and quote under the terms of an extant contract. The total value of both activities is approximately US$229 million (excluding GST). The contract will be performed over a three-year period.

Dubai's main index firmed 0.4% to 3,237 points, Abu Dhabi inched up 0.09% to 4,150 points, Qatar rose 0.5% to 10,453 points, Kuwait edged up 0.1% to 7,635 points, Egypt dipped 0.2% to 6,725 points, Oman eased 0.1% to 6,793 points and Bahrain edged down 0.2% to 1,204 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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