MIDEAST STOCKS-Dubai tumbles, led by Arabtec; Egypt up after Sisi sworn in | Agricultural Commodities | Reuters:
"Dubai's bourse fell sharply on Monday as investors booked profits in the region's best-performing market this year, while Egypt was lifted by the inauguration of a new president and an offer to buy a large stake in investment bank EFG Hermes.
The Dubai benchmark tumbled 4.1 percent to 4,771 points, its biggest decline since May 20. Builder Arabtec led losses, tumbling 9.7 percent to 5.42 dirhams.
The stock has tripled in value this year, making it one Dubai's most volatile names, and many analysts think it has become overvalued; five out of eight think it is a "sell" or a "strong sell", while none view it as a "buy", according to Thomson Reuters data
"Aggressive selling on Arabtec after it broke below the important neckline support level of 6.25 dirhams brought negative sentiment to other stocks as well," said Shiv Prakash, senior technical analyst at NBAD Securities."
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