Middle East Shares Mostly Decine But Saudi Shares Rise on Hopes for Government Spending in 2018
MidEast stocks mostly dropped, but Saudi shares rose on a boost in cement companies.
Investors were buying shares of cement companies on hopes for a stronger 2018 as the government raises spending under its budget plans. Tabuk, located close to the site of NEOM, jumped after a media report said the government had started awarding contracts for its NEOM project to build a huge business zone in the northwest of the country.
In other company news, Juhayna Food Industries said Q4 consolidated net profit jumped 141% year over year as revenues gained 17%.
Meanwhile, Qatari shares declined amid profit taking.
Saudi Arabia's main index gained 0.3% to 7,650 points, Dubai slumped 1.3% to 3,394 points, Abu Dhabi declined 0.8% to 4,602 points, Qatar dropped 1.3% to 9,205 points, Egypt slid 1.8% to 15,042 points, Kuwait firmed 0.4% to 6,688 points, Bahrain eased 0.1% to 1,351 points and Oman dipped 0.2% to 5,000 points.
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