MIDEAST STOCKS-Dubai rally short-lived as Arabtec falls back | Agricultural Commodities | Reuters:
"Shares in Dubai construction firm Arabtec fell again on Thursday after a bounce in the last session, taking the steam out of a rally on the emirate's bourse. Other Gulf markets were mixed in thin trade ahead of Ramadan.
Arabtec dropped 5.5 percent, erasing the previous day's gains while trading volume in the stock halved. Dubai's benchmark slipped 0.7 percent, after rising as much as 1.0 percent early in the session.
After swinging wildly this month in response to Arabtec's gyrations, the Dubai index is down 22 percent from its multi-year peak in mid-May, though still up 25 percent year-to-date. With the Ramadan lull about to begin and few fresh, positive catalysts on the horizon, the market will stay vulnerable to profit-taking, fund managers believe."
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