Kuwaiti traders follow the stock market activity at the Kuwait Stock Exchange (KSE) in Kuwait City on March 26, 2015. AFP PHOTO / YASSER AL-ZAYYAT
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In the last few days, however, the indexes have shown signs of rising sustainably above the averages one again.The Saudi stock index, last at 9,559 points, tested and failed to break above its 200-day average in mid-March, subsequently pulling back sharply. The Dubai index, last at 4,168 points, is approaching its 200-day average, now at 4,259 points; any break would leave no significant resistance before the 4,700-point area, where it peaked in the last quarter of 2014 .While the 25-day correlation between the Saudi index and Brent was very high at above 0.9 for most of the period between October and February, it has now dropped back below 0.6 .
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