Wednesday 29 August 2012

MIDEAST STOCKS-Dubai halts 3-day drop; Kuwait continues rebound - Yahoo! News Maktoob

Dubai's bourse halted a three-day decline on Wednesday as bargain-hunters returned but trading volumes dropped to a four-week low, while most Gulf markets were flat in lacklustre trade ahead of Friday's U.S. Federal Reserve symposium, which may signal whether the Fed plans more stimulus.
Dubai's index gained 0.7 percent, heading back towards Thursday's 16-week high. Bellwether Emaar Properties
rose 1.2 percent, Deyaar Development added 2.6 percent and contractor Arabtec rose 1.5 percent.
"A lot of people are looking to be long even more in the region -- offshore investors are still not in the region, it has just been mainly retail activity," said Ibrahim Masood, senior investment officer at Mashreq Bank. So any weakness in the market will attract investors, he added.

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