Investors book profits in UAE

Gulf bourses were mixed on Monday with investors opting to book gains in UAE markets, while Egypt rose to a four-week high as retail players targeted lagging stocks.

By Nadia Saleem (Reuters)

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Published: Tue 17 Sep 2013, 8:56 AM

Last updated: Tue 7 Apr 2015, 8:24 PM

Dubai’s measure retreated 0.5 per cent, halting a four-session rally. The market made a sharp recovery last week and is less than 100 points away from August’s five-year peak.

“The momentum going forward in the UAE will be positive but with limited upside,” said Ali Adou, portfolio manager at The National Investor in Abu Dhabi. “The market is very volatile and dominated by retail investors. I think it will be difficult to break the year’s highs with current volatility.”

Shares in Drake and Scull International bucked the trend and gained 1.7 per cent after the firm said its unit won a Dh1.28 billion ($350 million) construction contract in Algeria. Abu Dhabi’s 
index eased 0.09 per cent, but is 
up 43.8 per cent year-to-date.

Elsewhere, Saudi Arabia’s Kingdom Holding rose 0.8 per cent to a two-month high after its owner, billionaire Prince Alwaleed bin Talal, made bullish comments about his investment in Twitter late on Sunday.

Kingdom’s shares have risen 14.1 per cent in the last six trading days, partly because of news that Twitter is preparing for an initial public offer.

Saudi Arabia’s index climbed 0.5 per cent, up for six in last seven sessions. The market is at its highest since August 26 and faces resistance at 8,223 points — the peak of August when it a five-year high.

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