MIDEAST STOCKS-Dubai up 1.6 pct on Expo 2020 win but ends well off high | Reuters:
"* Dubai index ends back below 3,000 points
* Many funds think market fully valued for now -survey
* But any pull-back unlikely to be sharp
* Petrochemical, retail shares boost Saudi
* Egypt continues downtrend as politics weigh
By Nadia Saleem
DUBAI, Nov 28 (Reuters) - Dubai's share index rose 1.6 percent to close at a five-year on Thursday after the emirate was chosen to host World Expo 2020, but the market closed far off its intra-day high, suggesting many investors feel it is already fully valued for now.
The emirate will be the first Middle Eastern location to host the world's fair, which will trigger billions of dollars of investment in coming years. Real estate and hospitality firms will benefit from Expo-related infrastructure spending in the long term.
There may be immediate gains for economy; investment bank EFG-Hermes raised its 2014 gross domestic product growth forecast for the United Arab Emirates to 5.4 percent from 4.5 percent, citing an Expo-related boost to investor confidence among other factors."
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