MIDEAST STOCKS-Dubai surges to 5-year high on heavy buying; Gulf mixed | Reuters:
"* Highest Dubai turnover since spike on June 3
* Retail investors bet on small-caps
* Rise in land transaction fee doesn't hurt property stocks
* Saudi large-caps sold before Q3 earnings
* Egypt fails to confirm break of technical resistance
By Nadia Saleem
DUBAI, Sept 29 (Reuters) - Dubai's shares rose to their highest level in almost five years in heavy trading on Sunday as retail investors bet on small-caps ahead of third-quarter earnings, while other regional markets were mixed.
Dubai's benchmark advanced 1.2 percent to 2,771 points, its highest finish since November 2008, taking year-to-date gains to 70.8 percent. Turnover surged to 1.3 billion dirhams ($354 million), the biggest daily value since a spike on June 3.
"We have a lot of catalysts - real estate is doing well, the Expo 2020 decision is coming up and later, people will start gearing up for the MSCI upgrade," said Amer Khan, fund manager at Shuaa Asset Management. "Political risk has dissipated and the outlook is positive.""
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