DUBAI: Saudi Arabia’s stock market rose on Sunday, starting 2023 on a positive note in line with the country’s economic forecast, while region’s other major markets were closed and many investors absent because of year-end holidays.
Earlier last month Reuters reported that Saudi Arabia expects to post a second consecutive budget surplus in 2023, though down 84% from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter’s revenues.
The kingdom approved a 1.114 trillion riyal ($296.39 billion)- budget for 2023, forecasting a surplus at 0.4% of gross domestic product, down from an expected 2.6% in 2022.
Saudi Arabia’s benchmark index rose 0.7%, with oil behemoth and index heavyweight Saudi Aramco increasing 0.9% and Sulaiman Al-Habib Medical Services advancing 1%.
In Oman, the stock index gained 0.8% as Aluminium Bahrain (Alba) jumped 3.8% while Bahrain Telecommunications (Batelco) was up 3.2%.
Separately, Oman’s Sultan ratified a 2023 budget with a deficit of 1.3 billion Omani rials ($3.38 billion) or 3% of GDP, the finance ministry said on Sunday, adding that the 2022 budget achieved a surplus of 1.146 rials.
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