By Maged Al-Shabib
Riyadh-Mubasher: The energy sector is trading by its maximum level on the Saudi Stock Exchange (Tadawul) on Monday, reacting positively to forecasts about lifting energy subsidy gradually amid falling oil prices.
Tadawul All-Share Index (TASI) rose by 0.9% or 65 points to cross the 7,000 level in early trade.
Leading sectors rose, topped by banks (1.6%), petrochemicals (0.76%) and real estate development (0.82%).
The kingdom is expected to announce budget for the next year at 1:00pm on Monday.
FY16 budget is likely to be ‘expansionary’, said Said Al-Shaikh, Shura Council member, and chief economist at the National Commercial Bank.
He added that state budget for 2015 may include a deficit ranging between SAR 430 billion and SAR 450 billion.
Translated by Abdul Maguid Aboshahla
