MIDEAST STOCKS-Egypt surges 2.2 pct, ignores U.S. aid cut-off | Reuters:
"* Gulf's aid much more important to Egypt than West's
* Cairo index highest since September 2012, near chart barrier
* Most Gulf markets move narrowly in thin pre-holiday trade
* But speculative stocks boost Dubai
* Oman's Galfar Engineering falls after executive questioned
By Olzhas Auyezov
DUBAI, Oct 10 (Reuters) - Egyptian stocks jumped 2.2 percent on Thursday to their highest level since September 2012 after the United States cut off some aid to Cairo - underlining how many investors now see the key to economic recovery as aid from Egypt's Gulf allies, not the West.
The main index rose to 5,932 points, nearing major technical resistance at 6,025 points, the September 2012 peak. It broke above this year's high of 5,884 points, hit in January.
The market has been rallying for most of the time since Islamist President Mohamed Mursi was deposed in early July, and many local investors have not been deterred by political bloodshed since then, viewing it as a necessary price for the army-backed government to establish control."
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