MIDEAST STOCKS-Dubai surges above 4,000 level; Egypt hits new 45-mth high | Reuters:
"* Retail investors push Dubai index above key level
* Emirate's contractors clinch fresh deals
* Commercial Bank of Qatar falls as earnings fall, miss forecast
* Egypt rally continues but growth slows down
* Official move by Sisi to run for president could boost stocks
By Nadia Saleem
DUBAI, Feb 10 (Reuters) - Dubai's shares surged above a psychologically important level on Monday as heavy retail activity continued amid positive earnings expectations, while other Gulf bourses were mixed and Egypt climbed to a new 45-month high.
Dubai's index rose 1.3 percent to 4,026 points, closing above the 4,000 level for the first time in five years and adding to the bullish retail investor sentiment.
"The market is driven by retail; foreign investors will get more active and chase blue chips but maybe (only) after the MSCI inclusion," said Sebastien Henin, head of asset management at The National Investor.
Index compiler MSCI has upgraded UAE and Qatar to emerging market status, which will be implemented in late May and potentially bring in about $500 million worth of passive funds to each country."
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