MIDEAST STOCKS-Dubai tumbles to 6-wk low; Saudi lacklustre on listings pipeline | Reuters:
"Dubai's index tumbled to a six-week low on Tuesday as investors booked profits from a near 18-month bull run, while Saudi Arabia's bourse was again lacklustre and is seen stuck in the doldrums until July's results season.
Dubai's benchmark dropped 4.1 percent to 4,656 points, its lowest finish since April 7.
It fell 5.5 percent the day before and rebounded in early Tuesday trade, but buying pressure was brief and it has fallen 12.6 percent in a week, trimming 2014 gains to 38.2 percent.
"A revaluation of the market has been happening for the past week - the fundamentals haven't changed, it's pure profit-taking by speculators," said Samer al-Jaouni, a Gulf-based trader.
Dubai's measure is up 187 percent since the start of 2013 as renewed confidence in Dubai's property sector and a retail and tourism boom brought traders back to the emirate's beleaguered stock market."
'via Blog this'
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