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Sunday, 8 January 2017

MIDEAST STOCKS-UAE markets rise in early trade, rest of Gulf little changed | Reuters

MIDEAST STOCKS-UAE markets rise in early trade, rest of Gulf little changed | Reuters:
"United Arab Emirates stock markets rose in early trade on Sunday, boosted by local retail investors' buying stocks priced below 1 dirham, while most other Gulf bourses moved little.

Dubai's index climbed 1.3 percent to 3,675 points in the first 90 minutes, testing technical resistance at the mid-December peak of 3,659 points. Nine of the 10 most heavily traded stocks rose and six of them were priced below 1 dirham.

Two of them were insurance firms, with Dubai Islamic Insurance jumping 8.3 percent and Islamic Arab Insurance adding 6.5 percent. For the past couple of weeks, some traders have been speculating there may be mergers in the insurance industry following last year's news of a big Abu Dhabi banking merger."

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