MIDEAST STOCKS-Egypt surges on stimulus plan increase; Gulf mostly soft | Reuters

MIDEAST STOCKS-Egypt surges on stimulus plan increase; Gulf mostly soft | Reuters:

"* Egypt at highest level since January 2011

* Charts point up to peak hit before Mubarak's ouster

* Some still concerned by financial burdens on government

* SABIC rises again after unit's earnings beat estimates

* Industries Qatar falls 1.0 percent after Q3 profit drop

By Nadia Saleem

DUBAI, Oct 22 (Reuters) - Egypt's bourse surged on Tuesday after the government announced plans to increase spending in an economic stimulus package by a third to 29.6 billion Egyptian pounds ($4.3 billion), and to implement a minimum wage scheme in January.

Cairo's benchmark index rose 1.8 percent to 6,201 points, its highest level since January 2011; it posted its sixth consecutive daily gain.

This week the index broke above major technical resistance at 6,025 points, the September 2012 peak; that leaves no major chart barrier before 7,248, the January 2011 peak hit before the revolution which toppled Hosni Mubarak. The market is up 74 percent from its post-revolution low, reached in late 2011."

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