MIDEAST STOCKS-Oil prices buoy Gulf; Global Telecom aids Egypt | Reuters:
"Major Middle East stock markets gained in active trade on Sunday after oil prices rose sharply last week. Egypt's bourse climbed on the back of Global Telecom , a favourite of foreign investors.
There is a sense that global bourses and oil prices are regaining some longer-term strength after Brent crude oil gained more than 6 percent last week. This is encouraging sharp rebounds in individual Gulf stocks that bore the brunt of panic selling early this year.
The Saudi index surged 1.9 percent to 6,092 points, testing technical resistance on the early February and end-January peaks of 6,056-6,099 points. Any break would turn it short-term bullish, triggering a right triangle formed by the highs and lows since mid-January and pointing up to around 6,850 points."
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