MIDEAST STOCKS-Region may edge up as global markets heal – Reuters

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DUBAI Feb 28 Stock markets in the Middle East
may edge up on Sunday as local traders bargain-hunt for
undervalued stocks amid a sense that global bourses and oil
prices are regaining some longer-term strength.

On Friday Brent crude settled down 19 cents at
$35.10, after hitting a session high of $37. But for last week
as a whole, the commodity was up more than 6 percent after
rising for four days. The S&P 500 ended slightly lower on Friday
but finished the week up 1.6 percent.

“We are starting to see global stock markets starting to
heal from the pain of the start of the year,” said a Dubai-based

Regionally, stock markets will continue to be choppy for the
rest of the quarter, although the likelihood of them falling
back to the multi-year lows hit in January has shrunk, he

Last week, regional markets saw a spike in volumes as local
investors bought back stocks. Dubai’s index, last at
3,124 points, will confirm a bullish near-term technical trend
if it holds support in the area of the early February peak of
3,125 points.

Riyadh’s index, last at 5,976 points, faces
technical resistance on the early February and end-January peaks
of 6,056-6,099 points.

Egypt’s Orascom Telecom said on Thursday it had
asked its Beltone Financial subsidiary, which it
acquired in November, to complete the acquisition of CI Capital,
the investment banking arm of Commercial International Bank
. This is good news for Beltone but the stock has
already soared nearly 150 percent in the past two weeks on
expectations for the news and it has stalled in the last couple
of days.

(Reporting by Celine Aswad; Editing by Andrew Torchia)

MIDEAST STOCKS-Region may edge up as global markets heal – Reuters}