الرئيسية
0542 GMT - Sentiment in the Saudi Arabia's market is likely
to be lifted as investors expect much higher spending than that
set by a conservative budget for 2012.
The government plans to spend 690 billion riyals ($184
billion) in 2012, up from the announced 580 billion riyals
originally envisaged for 2011. This year's actual spending was
804 billion, boosted in response to the uprising across the Arab
world.
"It's a good announcement, which shows continued spending,"
says Fadi al-Said, head of investments at ING Investment
Management.
"I would compare the announced spending for next year to the
announced spending from this year. There is a clear focus on
housing."
The finance ministry said it had set aside 250 billion
riyals from the 2011 budget surplus to fund the construction of
500,000 homes.
Investors may book profits in the kingdom's
construction-related stocks, which jumped on Monday ahead of the
budget in the hope of higher government spending on housing. The
benchmark ended at a 21-week closing high.
"Short-term rallies typically buy the rumour and sell the
fact. I think some of the value in those stocks is unjustified,"
al-Said says.
In Qatar, the central bank said it has completed procedures
to list government debt instruments for trade on its securities
exchange.
In Dubai, Mashreq bank will be in focus after
saying it had led a syndication of banks to raise a $140-million
loan for Sri Lanka's Bank of Ceylon.
Cues from global markets are few. Asian shares ease on
Tuesday as investors square positions in thin volume before U.S.
markets reopen after a long weekend. Investors await fresh data
that could offer clues about prospects for the world's largest
economy.
Brent crude was trading up 15 cents at $108.11 at
0502 GMT.
(Reporting by Nadia Saleem)
to be lifted as investors expect much higher spending than that
set by a conservative budget for 2012.
The government plans to spend 690 billion riyals ($184
billion) in 2012, up from the announced 580 billion riyals
originally envisaged for 2011. This year's actual spending was
804 billion, boosted in response to the uprising across the Arab
world.
"It's a good announcement, which shows continued spending,"
says Fadi al-Said, head of investments at ING Investment
Management.
"I would compare the announced spending for next year to the
announced spending from this year. There is a clear focus on
housing."
The finance ministry said it had set aside 250 billion
riyals from the 2011 budget surplus to fund the construction of
500,000 homes.
Investors may book profits in the kingdom's
construction-related stocks, which jumped on Monday ahead of the
budget in the hope of higher government spending on housing. The
benchmark ended at a 21-week closing high.
"Short-term rallies typically buy the rumour and sell the
fact. I think some of the value in those stocks is unjustified,"
al-Said says.
In Qatar, the central bank said it has completed procedures
to list government debt instruments for trade on its securities
exchange.
In Dubai, Mashreq bank will be in focus after
saying it had led a syndication of banks to raise a $140-million
loan for Sri Lanka's Bank of Ceylon.
Cues from global markets are few. Asian shares ease on
Tuesday as investors square positions in thin volume before U.S.
markets reopen after a long weekend. Investors await fresh data
that could offer clues about prospects for the world's largest
economy.
Brent crude was trading up 15 cents at $108.11 at
0502 GMT.
(Reporting by Nadia Saleem)