MIDEAST STOCKS-Blue chips drag down Dubai; political hopes support Egypt | Reuters:
"Dubai's stock market fell sharply on Monday as profit-taking hit Gulf bourses in general, while Egypt was supported by hopes that the army would soon act to quell anti-government protests.
The main Dubai index sank 1.7 percent to 2,623 points. Many analysts have been predicting a short-term pull-back for the market, which is still up 62 percent year-to-date, and technicals suggested that pull-back might be starting.
Fourteen-day momentum has dropped in recent days even as the market has risen, and Monday's close left the index testing support on its uptrend line from early July; any break would confirm an end to the bull run for now."
'via Blog this'
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