Arab News, Monday, Jan 02, 2023 | Jamadi Al Thani 9, 1444
Saudi Arabia’s stock market begins 2023 on a positive note
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.
The Kingdom approved a SR1.114 trillion riyal
($296.39 billion) budget for 2023, forecasting a surplus at 0.4 percent of gross
Saudi Arabia’s benchmark index rose 0.7 percent,
with oil behemoth and index heavyweight Saudi Aramco increasing 0.9 percent and
Sulaiman Al-Habib Medical Services advancing 1 percent.
In Oman, the stock index gained 0.8 percent as
Aluminium Bahrain (Alba) jumped 3.8 percent while Bahrain Telecommunications
(Batelco) was up 3.2 percent.
Separately, Oman’s Sultan ratified a 2023 budget
with a deficit of 1.3 billion Omani rials ($3.38 billion) or 3 percent of GDP,
the Finance Ministry said on Sunday.