Mideast Stocks: Most major stock markets rise as Omicron fears ease

Mideast Stocks: Most major stock markets rise as Omicron fears ease

Most major stock markets in the Gulf ended higher on Monday as investor appetite improved amid a growing view that the Omicron coronavirus variant may not cause severe illness. Saudi Arabia's benchmark index gained 0.5%, with Al Rajhi Bank rising 1%. Saudi Arabia said on Sunday it expected to post its first budget surplus in nearly a decade next year, as it plans to restrict public spending despite a surge in oil prices that helped to refill state coffers hammered by the pandemic. Riyadh plans to reduce military spending next year by around 10% from its 2021 estimates, the budget showed, a sign that the cost of the military conflict in neighbouring Yemen has started to ease. Saudi Telecom Company (STC) 7010.SE advanced 2.4%, reversing much of the previous day's around 3% loss posted after the final price for the sale of 120 million shares of the company was set at 100 riyals per share, the lower end of an indicative range of 100 to 116 riyals. The kingdom's Public Investment Fund is set to raise 12 billion riyals ($3.20 billion) through the sale of a 6% stake in STC. Dubai's main share index added 0.5%, led by a 1.8%