MIDEAST STOCKS-Zain leads Saudi up, Egypt stalls after jump on devaluation | Reuters:
"Telecommunications firm Zain Saudi led Riyadh's stock market up on Sunday, while Egypt's bourse stalled after soaring last week in response to a currency devaluation. Most Gulf markets moved little, digesting strong rallies since mid-February.
The Saudi stock index climbed 1.4 percent in active trade to 6,482 points, testing technical resistance on its 100 day average, now at 6,470 points. Sunday saw the index close above that average for the first time since June last year, when the slide in oil prices was pushing the bourse into a downtrend.
Zain Saudi jumped 9.4 percent in its heaviest trade since last September, bringing its gains to 23 percent since Reuters reported on Wednesday that its Kuwaiti parent Zain was narrowing the field of potential bidders for its mobile transmitter towers in Saudi Arabia and Kuwait."
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