Banking sector pushes the Saudi Stock market to rise, continuing the spending and borrowing plans

Sunday, most of the khaliji stock markets had fell following the declining of the oil prices, but the Saudi stock market rose after the government had said that it will continue borrowing to finance the important projects , while the "Emirates for communication institution" pushed Abu Dhabi market to rise such as expected foreign capital flows.

The low oil futures at Friday, with the ignorance from the investors to this downfall. There is also a decline in global Brent crude 1.07 $ to settle at 49.61 $ per a barrel of oil, and it fell one Brent about 1% for the week.

But the main indicator of the Saudi market has increased 0.6% after the minister of finance "Ibrahim-Assaf" has said that the government will move on establishing the important projects for economics with cutting out the unnecessary costs to compensate the low of oil prices. In an interview with CNBC Arabia , Al Assaf also said "we will issue additional bonds and may also issue deeds to finance the deficit. The deeds may be for specific projects, and we didn't determine the number of them yet. 

Banking sector pushes the Saudi Stock market to rise, continuing the spending and borrowing plansBoth shares of "Gareer for marketing" & "Fawaz Abdul Aziz AlHakkir" had declined 2.4 and 4.7 % respectively, after Alwatan journal has mentioned that the government is considering the possibility of subsidy cuts that puts the local gasoline prices among the lowest in the world. This step may cause the Saudi people to cut out their spending on other products such as "smart phones and laptops" that Gareer sells.

The government also said that it will open the retail and wholesale trade to the companies which held by foreigners, which means that at the end there would be a competition with the Saudi Arabia retailers. The indicators of Abu Dhabi market has increased 0.7% affected by the rising of "Etisalat" share 4.3% , after the company had said that it will allow the foreigners and investors from the institutions to own it's shares from 15 September.

All the other shares in the Gulf region had fell. The following: closing the stock indices in the Middle East

- Saudi Arabia: the indicator increased 0.6% to 7429 points.

- Dubai: the indicator fell 0.8% to 3542 points.

- Abu Dhabi: the indicator rose 0.7% to 4409 points.

- Qattar: the indicator declined 0.6% to 11278 points. 

- Egypt: the indicator decreased 0.3% to7274 points.

- Kuwait: the indicator fell 1.6% to 5666 points.

- Oman: the indicator declined 0.05% to 5746 points.

- Bahrain: the indicator decreased 0.2% to 1297 points.