MIDEAST STOCKS-Dubai sinks 2.8 pct on profit-taking; Egypt continues pull-back | Reuters:
"* Dubai stocks hit across the board
* Follows survey showing funds ambivalent about valuations
* Abu Dhabi falls much less than Dubai
* Kuwait awaits Q3 earnings
* Qatar back above 10,000 points
By Olzhas Auyezov
DUBAI, Nov 11 (Reuters) - Dubai's main stock index dropped 2.8 percent on Monday to its lowest level since early October, as a lack of fresh catalysts prompted investors to take profits and selling snowballed with valuations at relatively high levels.
The market has soared this year - and is still up 79 percent year-to-date - as Dubai's property market has recovered from its 2008-2010 crash and investors have speculated about the benefits if Dubai wins its bid to host the 2020 World Expo.
That has left valuations temporarily stretched according to some fund managers; a Reuters survey of 16 leading Middle East-based investment institutions at the end of last month found 25 percent expected to decrease their United Arab Emirates equity allocations in the next three months and 25 percent to increase them."
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