STOCKS NEWS MIDEAST-Dubai's short-term technicals weakening

Reuters Middle East

0545 GMT - Dubai's stock market may be in for a short-term pull-back as technical indicators weaken after it failed to break above resistance in recent days.

It reached an intra-day high of 3,855 on Jan. 29 but has since retreated to close on Sunday at 3,754 points; it has failed to break decisvely above 3,807 points, the 50 percent retracement of its 2008 peak. Initial support lies at 3,644 points, the low of Jan. 27.

Dubai contractor Arabtec rose 2.8 percent on Sunday after it was awarded projects worth $6.1 billion, but the news failed to provide a catalyst for the index.

Shares in Union Properties may, however, get a boost after the company said its 2013 profit surged more than eightfold and it proposed a 5 percent bonus share dividend for shareholders.

Courier Aramex may also see interest after it posted a 16 percent rise in fourth-quarter net profit on Sunday. It made 76.4 million dirhams ($20.8 million), slightly ahead of analysts' forecasts of 74.4 million dirhams.

Elsewhere, global cues are marginally weak with Asian shares down; MSCI's emerging market index slips 0.3 percent and Brent crude oil fell overnight. (Reporting by Nadia Saleem; Editing by Andrew Torchia)

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