MIDEAST STOCKS-Dubai extends rally, Saudi banks hit on profit-taking | Reuters:
The Dubai stock market extended gains as it rose for a fifth session on Tuesday, mainly driven by property stocks after strong fourth-quarter earnings.
Saudi Arabia's market fell as investors booked profit after the market gained significantly this year. Banks had led the rally, then were hit hard, with nine of 11 banks falling.
In Dubai, the benchmark index rose 0.6 percent with the most heavily traded stock, Emaar Properties, gaining 3.1 percent and its unit Emaar Malls rising 1.9 percent. The stocks have gained in recent sessions after posting robust fourth-quarter earnings, boosting the index.
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