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UAE ripe for profit-taking after week-long gains

Dubai, January 26, 2012

The markets in the UAE could see some profit-taking on Thursday after gaining every day this week, with real estate stocks again in focus following strong performances in the last two days, said experts.

"The market may start on a high but we are ripe for some profit-taking on the back of the last four sessions," remarked Mohammed Yasin, chief investment officer at CAPM Investment.

Both the Dubai and Abu Dhabi indexes have finished up every day this week, with the former at its highest level since December 11.

Emaar Properties was at a four-week high after surging 6.7 per cent in Wednesday's trading, while Arabtec and Deyaar will hope to continue yesterday's advances of 1.1 and 4.3 per cent respectively.

The gains in real estate have been spurred by Abu Dhabi's decision earlier this week to restart a number of delayed projects, including branches of the Louvre and Guggenheim museums.-Reuters




Tags: profit | UAE stocks |

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