MidEast Stocks Mixed, Qatar Rises on Government Spending Plans

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Middle East shares were mixed, with Qatar rising on government budget plans.

Government state spending rose only 2.2% to 178.2 billion riyals ($48.9 billion) in the fiscal year to March because of delays in pushing forward infrastructure plans, but the government aims to raise spending to 210.6 billion riyals this year as projects get underway, Reuters reports.

Egypt's market stabilized after the interim government held an emergency crisis meeting after at least 137 were killed and scores injured in clashes over the weekend.

In ADR news, Cellcom Israel ( CEL ) says Q2 sales fell 17.5% to NIS 1.236 billion ($342 million) from a year ago. Operating income decreased 40.1% to NIS 169 million ($47 million), and net income fell 44.6% to NIS 67 million ($19 million).

Qatar's main index slipped 0.1% to 5,329 points, Dubai rose 1.5% to 2,666 points, Abu Dhabi added 0.6% to 3,899 points, Saudi Arabia firmed 0.6% to 8,203 points, Kuwait dipped 0.03% to 8,132 points, Oman firmed 0.8% to 6,899 points, Bahrain inched up 0.1% to 1,203 points.



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This article appears in: Investing , Commodities

Referenced Stocks: CEL

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