Monday 16 September 2013

MIDEAST STOCKS-Investors book profits in UAE; Egypt hits 4-wk high | Reuters

MIDEAST STOCKS-Investors book profits in UAE; Egypt hits 4-wk high | Reuters:

"Gulf bourses were mixed on Monday with investors opting to book gains in United Arab Emirates' markets, while Egypt rose to a four-week high as retail players targeted lagging stocks.

Dubai's measure retreated 0.5 percent, halting a four-session rally. The market made a sharp recovery last week and is less than 100 points away from August's five-year peak.

"The momentum going forward in the UAE will be positive but with limited upside," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi. "The market is very volatile and dominated by retail investors. I think it will be difficult to break the year's highs with current volatility."

Shares in Drake and Scull International bucked the trend and gained 1.7 percent after the firm said its unit won a 1.28 billion dirham ($350 million) construction contract in Algeria."

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