MIDEAST STOCKS-Oil rally boosts Qatar, Saudi; Egypt hits one-year low | Reuters:
Qatar’s stock market rose sharply on Monday and Saudi stocks gained, helped by a surge in oil prices, which boosted their banks and petrochemical stocks, while Egypt slumped to its lowest in a year.
Oil prices jumped by more than 5 percent after the United States and China agreed on a truce in their trade dispute.
“GCC (Gulf Cooperation Council) countries to remain comfortable from a fiscal point of view with Brent oil prices at USD 60-70/bbl,” Arqaam Capital said in a note, adding that it expects a downside risk in GCC equities if prices drop below the range after the OPEC meeting.
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