MIDEAST STOCKS-Gulf ends firm despite Doha talks' failure; Egypt surges | Reuters

MIDEAST STOCKS-Gulf ends firm despite Doha talks' failure; Egypt surges | Reuters:

"Major stock markets in the Gulf rebounded in late trade on Monday to close higher despite the collapse of oil producers' talks in Doha, while Egypt's bourse surged to a six-month closing high.

The failure of Sunday's Doha meeting to agree on an oil output freeze was a blow to sentiment in the oil market, and Brent crude tumbled more than 5 percent at one stage. But it later came well off its lows to stand only 2.6 percent down at $42 a barrel.

This was a relief to Gulf bourses, which were also encouraged by some positive first-quarter earnings in Saudi Arabia that suggested the region's economic slowdown was not hurting corporate profits as much as feared."



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