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Middle East Stocks Mixed, Saudi Stocks Rise Ahead of Budget

MidEast stocks were mixed, with Saudi Arabian shares rising to the highest level since Nov. 18 ahead of the country's 2014 budget announcement, expected later this month.

Saudi Arabia tends to set record budgets every year, which are conservative numbers compared to actual spending, Reuters says.

In ADR news, Teva ( TEVA ) said its 2014 total net revenues outlook depends on whether its Copaxone drug will face competition in the U.S. from a generic drug. If Copaxone retains its exclusivity in the U.S., total net revenues are expected to come in between $19.8 billion and $20.8 billion compared to the $19.8 billion average Capital IQ analyst estimate and EPS is seen at $4.80-$5.10 versus the $4.95 average analyst estimate. If Copaxone faces competition from a generic version, total net revenues are expected to be between $19.3 billion and $20.3 billion and EPS between 4.20 and $4.50 if it faces competition. Teva said it estimates that each month of delay in the launch of generic competitors to Copaxone in the U.S. will contribute on average approximately $78 million to net revenues and $0.08 to non-GAAP diluted earnings per share.

Israeli cellular provider Cellcom Israel Ltd. ( CEL ) said it signed an agreement with cellular operators Pelephone Communications Ltd. and Golan Telecom Ltd. for the construction and operation of a shared 4G radio network.

Saudi Arabia's main index added 0.5% to 8,399 points, Egypt dipped 0.1% to 6,461 points, Abu Dhabi firmed 0.5% to 4,019 points, Dubai inched up 0.05% to 3,102 points, Qatar gained 0.6% to 10,497 points, Kuwait slipped 0.05% to 7,756 points, Oman eased 0.1% to 6,761 points and Bahrain rose 0.1% to 1,208 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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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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