**PLEASE NOTE THIS IS A PRESENTED MARKET REPORT**

Thomson Reuters Journalist Melanie Ralph says today was positive for Middle East markets.

SHOWS: LONDON, ENGLAND, UK (JANUARY 27, 2015) (REUTERS - ACCESS ALL)

1. THOMSON REUTERS, JOURNALIST, MELANIE RALPH, SAYING:

It was a positive day for Middle East markets today.

Saudi Arabia's petrochemicals sector jumped after OPEC's secretary-general said oil prices might have bottomed out and warmed of a jump to $200 a barrel if investment in new supplies became too low.

Brent crude traded above $48 per barrel, also supported by a slightly weaker U.S. dollar.

Banks also did well after Kuwait's Global brokerage issued a bullish report on the Saudi banking sector.

Telecommunications firm Etihad Etisalat stabilised and closed flat.

Meanwhile in Qatar, it was also a positive day for Petrochemicals Industries Qatar, the Gulf's second-largest petrochemicals firm, rose 1.7 percent, all other indeces were slightly weaker.

Kuwait edged down 0.7 percent after the country's finance ministry revealed a draft budget for the next fiscal year starting in April, which projects a big deficit and a 17.8 percent drop in spending from the original plan for the current 2014/15 year.

Bourses in Dubai and Abu Dhabi closed flat.

Dubai developer Union Properties tumbled 5.8 percent after its 2014 profit fell 46 percent and revenues more than halved.

Egypt meanwhile ended on a high note.

Rising more than 1 percent to a fresh 6-1/2-year closing high. Many investors are betting that Egyptians will turn to property as a hedge against a weaker currency

That's your Middle Eastern market wrap.