MIDEAST STOCKS-Saudi ends higher on oil rebound, most of Gulf soft | Reuters

MIDEAST STOCKS-Saudi ends higher on oil rebound, most of Gulf soft | Reuters:

"A late rebound in oil prices helped Saudi Arabia's stock market close higher on Wednesday while most other Gulf bourses were lower. Real estate shares helped to lift Egypt's market.

Stocks around the region fell early on after purchasing managers' surveys gave fresh evidence that economies are slowing. Growth in Saudi Arabia's non-oil private sector fell to its lowest level in January since the survey began in August 2009, while growth in the United Arab Emirates dropped to a 46-month low, and activity in Egypt shrank for a fourth month.

But Brent crude, which has been closely correlated to the Saudi stock index this year, bounced above $33 a barrel in the afternoon, helping the index close 0.9 percent higher."



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