MIDEAST STOCKS-Egypt jumps on FX payment to foreigners; Gulf sluggish | Reuters:
"Egyptian stocks rose sharply on Wednesday after the central bank sought to reassure markets by providing hard currency to foreign investors. Saudi Arabia's bourse climbed but other Gulf markets moved little.
The Egyptian index jumped 3.5 percent to 6,650 points, rising above its end-November high, which triggered a minor double bottom that confirmed it has established at least a short-term floor. As it closed, it was testing minor chart resistance on the late November peak of 6,642 points.
The central bank changed the way it allocated U.S. dollars at a foreign exchange auction on Tuesday and repaid to foreign funds a backlog of over $500 million built up during a long-running dollar shortage - clearing the entire backlog."
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