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Thursday, 22 August 2013

MIDEAST STOCKS-UAE, Qatar bourses hit multi-year highs, Egypt up | Reuters

MIDEAST STOCKS-UAE, Qatar bourses hit multi-year highs, Egypt up | Reuters:

"* Gulf economies less vulnerable than most to U.S. yields

* Dubai breaks above range of past two weeks

* Union Properties soars once again

* Reduced street violence buoys Egypt

* But extended market rally looks unlikely to many

By Nadia Saleem

DUBAI, Aug 22 (Reuters) - Stock markets in the United Arab Emirates and Qatar rose to new multi-year highs on Thursday despite a sell-off in emerging markets around the world, as retail investors in the Gulf bought selected stocks viewed as laggards. Egypt's bourse rose on the back of a reduction in street violence.

"It's a good surprise to see that the most internationally-linked markets like UAE have been resilient despite the sell-off in some emerging markets," said Sebastien Henin, portfolio manager at The National Investor in Abu Dhabi.

"There is a good dynamic from a macro point of view and financial markets are benefiting from that.""

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