MIDEAST STOCKS-Gulf stocks rebound along with global markets | Reuters

MIDEAST STOCKS-Gulf stocks rebound along with global markets | Reuters:



"* Bullish mood returns as global backdrop improves



* Property and construction stocks boost Dubai



* Index rises above 50 pct retracement of drop from 2008 




* Abu Dhabi Islamic Bank helps lift emirate's bourse



* Saudi's Almarai jumps on new poultry facility



By Olzhas Auyezov

DUBAI, Feb 5 (Reuters) - Middle East bourses rebounded on Wednesday on positive queues from global markets; Dubai, which posted the biggest gains, was also boosted by good fourth-quarter earnings and contract announcements from the real estate sector.



Dubai's index surged 1.7 percent to a new multi-year closing high of 3,875 points, confirming a break above technical resistance at 3,807 points, the 50 percent retracement of its fall from the 2008 peak.



Union Properties, which this week posted an eightfold rise in annual profits, gained 9.8 percent on Wednesday. Another developer, Deyaar, rose 4.8 percent after its annual profit quadrupled. ."



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