Thursday 29 August 2013

MIDEAST STOCKS-Markets mixed, Syria concern prevents major rebounds | Reuters

MIDEAST STOCKS-Markets mixed, Syria concern prevents major rebounds | Reuters:

"* Some retail buyers return but momentum fails to build

* Dubai loses 6.6 percent over this week

* Saudi comes off high, some valuations called rich

* Egypt gains modestly after cabinet sets spending plan

* Doubts over whether plan will use Gulf money effectively

By Nadia Saleem

DUBAI, Aug 29 (Reuters) - Middle East stock markets were mixed on Thursday as heavy selling related to the Syrian war faded, but continued uncertainty over how and when the United States might strike Syria blocked solid rebounds.

President Barack Obama told Americans that a military strike against Syria would be in their interest, but there were signs that any action would be delayed at least several days while the case was laid out to U.S. and British lawmakers.

This encouraged some Gulf retail investors to buy stocks on Thursday as margin calls eased, but the markets' rebounds during the day lacked momentum."

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