MIDEAST STOCKS-Saudi heads for second day of strong gains, Egypt up | Reuters:
"A recovery in oil prices coupled with the central bank's move to ease banking sector liquidity this week helped lift Saudi Arabia's stock market in early trade on Tuesday, while stronger global bourses encouraged buying in Egyptian shares.
Riyadh's index was up 1.5 percent in the early afternoon after climbing 2.8 percent at one stage. It was heading for its second day of gains in a broad-based rally as investors bought back stocks after the central bank lifted local banks' maximum loan-deposit ratio to 90 percent from 85 percent.
But the index came off its highs after Qatar, Saudi Arabia, Russia and Venezuela agreed on Tuesday to freeze their oil output at January levels providing other major producers followed suit. Oil prices rose in anticipation of the announcement and fell back slightly afterwards."
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