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, though down 84% from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter’s revenues.

The kingdom approved a 1.114 trillion riyal ($296.39 billion)- budget for 2023, forecasting a surplus at 0.4% of gross domestic product, down from an expected 2.6% in 2022.

Also crude prices, which fuels the region’s growth, mostly remained highly volatile in 2022 amid the war in Ukraine and on weaker demand from top importer China.

Abu Dhabi index falls as oil prices weaken

Saudi Arabia’s benchmark index rose 0.7%, with oil behemoth and index heavyweight Saudi Aramco increasing 0.9% and Sulaiman Al-Habib Medical Services advancing 1%.

In Oman, the stock index gained 0.8% as Aluminium Bahrain (Alba) jumped 3.8% while Bahrain Telecommunications (Batelco) was up 3.2%.

Separately, Oman’s Sultan ratified a 2023 budget with a deficit of 1.3 billion Omani rials ($3.38 billion) or 3% of GDP, the finance ministry said on Sunday, adding that the 2022 budget achieved a surplus of 1.146 rials.

SAUDI ARABIA rose 0.7% to 10,547 points

OMAN gained 0.3% 4,873 points