MIDEAST STOCKS-Dubai extends losses; Saudi petchems track lower oil prices | Reuters

MIDEAST STOCKS-Dubai extends losses; Saudi petchems track lower oil prices | Reuters:



"* No sense of panic in Dubai



 * But local retail investors may continue taking profits



 * Abu Dhabi Commercial Bank rises on strong Q4 earnings



 * Saudi petchems dampened by China worries



 * Egypt rises on hopes for Sisi presidency



 By Nadia Saleem

DUBAI, Jan 27 (Reuters) -



United Arab Emirates shares fell further on Monday as retail investors took the flight from emerging markets elsewhere as a cue to book profits, while lower oil prices weighed on Saudi petrochemical shares.



 In contrast to the hardest-hit emerging markets, there was no sense of panic in Dubai. But local retail investors have dominated the market in the past year and their selling snowballed on Monday; the index lost 1.2 percent, adding to Sunday's 2.2 percent drop as the market pulled back from last week's five-year high. 




Dubai recorded a whopping rise of over 100 percent in 2013 and it is still up 9.4 percent so far in 2014. Much of the buying in recent weeks was on expectations for fourth-quarter earnings and annual dividends, but traders and analysts say the market was due for a breather."



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