MIDEAST STOCKS-Dubai leads regional recovery as Syria strike put to vote | Reuters

MIDEAST STOCKS-Dubai leads regional recovery as Syria strike put to vote | Reuters:

"(Reuters) - Dubai's bourse led a regional recovery in shares on Sunday after U.S. President Barack Obama delayed an imminent military strike against Syria, saying he will seek congressional consent.

Dubai's index rose 3 percent, partly recouping losses from last week's heavy retail-driven sell-off. The market is dominated by short-term, momentum traders who have knee-jerk reaction to political concerns. It is still 150 points away from the five-year peak hit on Aug. 25.

"Dubai rebound from a sell-off today but you'll see a lot of indecisiveness until Congress vote on Syria," said Ahmed Shehada, head of trading at QNB Financial Services. "It's smart to reduce risk at this point for the short-term but not completely exit the market."

Abu Dhabi's measure rose 1.8 percent, snapping four sessions of losses and Qatar's benchmark climbed 0.5 percent."

'via Blog this'