Dubai shares fall on Syria ballistic object report
Dubai, September 3, 2013
Dubai's share index dropped after a report of ballistic "objects" fired towards the eastern Mediterranean, although there are no signs yet of an attack in Syria.
Russian radar detected the launch of two ballistic "objects" towards the eastern Mediterranean from the central part of the sea on Tuesday, Russian news agencies quoted the Defence Ministry as saying.
A Russian agency later said the objects dtected by the radar fell into sea.
"As long as there is uncertainty on possible military action in Syria, stock markets that have gone up more than most are vulnerable to short-term profit-taking," said an Abu Dhabi-based analyst who asked not to be identified due to company policy. "Last week, the market rebound too quickly because we still don't have any clarity on Syria."
The index, which fell as much as 5.2 percent is now down 2.6 percent. It lost nearly 6 percent last week on worries of possible US military action against Syria, but delays on the attack brought back bargain hunters on Thursday.
Saudi Arabia's measure slipped 0.3 percent and Kuwait closed 1.7 percent lower, its eighth consecutive drop. - Reuters
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