MIDEAST STOCKS-Housing hopes boost Saudi; Egypt rises before investment summit | Reuters:
"Stronger oil and hopes that the government will speed up its housing programme lifted Saudi Arabia's stock market to a four-month high on Thursday, while Egypt rebounded ahead of a long-awaited conference to attract investment. Most Gulf markets were soft.
The main Saudi index edged up 0.3 percent to 9,691 points, rising above major technical resistance on its 200-day average of 9,662 points. Another close above that level would confirm a break, suggesting the market's long-term uprend might be resuming.
Petrochemicals giant Saudi Basic Industries was the main support, gaining 1.3 percent after Brent oil rose more than a dollar to above $58 a barrel on a weakening dollar and fresh fighting in Iraq."
'via Blog this'
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