MIDEAST STOCKS-Gulf markets surge on stronger oil | Reuters:
"Stock markets in Saudi Arabia and the United Arab Emirates soared on Thursday after the price of oil rebounded and the Riyadh government eased investors' fears by saying it would continue spending heavily on economic development.
Saudi Arabia's bourse rose 8.9 percent, its biggest daily gain in six years. Almost all traded stocks posted gains and dozens were up 10 percent, the bourse's daily limit for price moves.
The benchmark had earlier plunged 35 percent from its September peak due to oil's sharp decline. Investors across the Gulf dumped stocks fearing that cheap oil would cause governments to cut back spending."
'via Blog this'
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