Gulf countries’ stock markets rose sharply after oil prices surged at the end of January, reported Reuters. Egypt’s stock index also rose by as much as 2.1% in response to the firm tone of global equity markets.

Foreign investors have been pulling money out of the Egyptian market for several weeks, partly because many analysts believe that currency devaluation is inevitable at some point, given Egypt’s current account deficit and persistently low foreign reserves.

Oil prices rebounded to almost $36 a barrel at the end of January, from a 12-year low close to $27, on hopes that OPEC and non-OPEC producers might eventually agree on a deal restraining oil production to boost prices.