Mideast stocks were mixed on Wednesday after Saudi Arabia unveiled $261 billion state budget on Tuesday.
Saudi Arabia’s stock market stalled in early trade today as cement shares ran into profit-taking after the release of the budget.
Qatar’s market also pulled back after a leap on Tuesday, according to Reuters.
The Saudi index was almost flat after an hour. Six of the 10 biggest losers were cement stocks, with Tabuk Cement sinking 1.6 per cent.
Cement shares had surged in the days before the release of the budget as investors anticipated an increase in infrastructure spending after a couple years of austerity.
Meanwhile, Qatar’s index fell back 0.5 per cent after surging 3.8 per cent on Tuesday to its highest level since late September as retail investors flocked back into the market.
Real estate firm Ezdan Holding continued to climb, adding 2.0 per cent after jumping 7.9 per cent on Tuesday.
Dubai’s index edged down 0.3 per cent as district cooling firm Tabreed, which is usually thinly traded, was the most active stock and dropped 3.3 per cent.
Amusement park operator DXB Entertainments lost 3.8 per cent.