MIDEAST STOCKS-Oil boosts Gulf, Saudi hits year-high; Egypt up on foreign buys | Reuters:
"An 8 percent leap in oil prices due to hopes for OPEC output cuts boosted Gulf stock markets on Wednesday with Saudi Arabia climbing to its highest level this year, while foreign buying lifted Egypt's bourse again.
The Saudi index climbed 1.5 percent to 7,000 points in heavy trade, confirming a break of major technical resistance on its April peak of 6,876 points. That triggers a double bottom formed by this year's lows and pointing up to around 8,400 points in the long term.
The index has soared over 25 percent from October's multi-year low since a $17.5 billion international bond issue by the government eased fears about its ability to cope with an era of cheap oil, and helped it begin making delayed payments to settle its debts to private companies."
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