Saudi Arabia’s markets rebounded on Wednesday in response to the Government’s spending intentions in 2015, several news outlets reported today.
Olzhas Auyezov of Reuters reports that markets reacted well to the Government’s plan, rebounding 4.2 percent “in a broad rally which included the petrochemicals sector.”
The increase was echoed around the region as markets in other Gulf countries rallied Wednesday.
Meanwhile, oil prices on the WTI and Brent indices edged up in rare gains for the commodity since the Summer, closing up 54 cents on WTI and $1 on Brent.
Bloomberg reports that the government’s plans to fund “massive” development projects next year that focus on health care, education, social services and security sent the market upward, noting that the “Tadawul stock index lost almost a third of its value since September amid expectations that falling oil prices will curtail government spending.”
