MIDEAST STOCKS-UAE shares mixed in downbeat Gulf trend; Egypt slips from 4-yr high | Reuters:
"Feb 3 (Reuters) - Markets in United Arab Emirates were mixed on Monday with Dubai's measure halting a three-session drop while most other Gulf shares retreated and Egypt's measure slipped off a four-year high.
Dubai's index gained 0.5 percent after a choppy session as profit-taking proved short-term but technicals remain weak.
It failed to make a clear break above 3,807 points, the 50 percent retracement of its 2008 peak after touching an intra-day high of 3,855 on Jan. 29.
"The market is clearly facing selling from big hands and it will continue for a while because distribution generally lasts a full quarter," said Firas Al Zghaibi, financial markets strategist at brokerage firm MENA Corp.
Market volumes surged in January to the highest level since September, but the index gains slowed down - a sign that big investors were selling to retail traders."
'via Blog this'
No comments:
Post a Comment