MIDEAST STOCKS-Saudi Arabia rallies on as oil pares losses | Reuters:
"Saudi Arabia's stock market gained strongly for a second straight day on Wednesday as oil prices rebounded from the day's lows, reinforcing a growing perception among investors that they have found a floor.
Brent crude fell early on Tuesday after an industry report said U.S. crude stocks rose by the most in two decades last week. But it had largely recovered and traded above $49 per barrel by the time the Saudi bourse closed.
The main Saudi stock index jumped 2.6 percent to 8,913 points and trading volume reached its highest level since last May. The index faces chart resistance at its late December peak of 8,949 points; any break would point up to at least resistance on the 100-day average, now at 9,477 points."
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