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Tuesday, 24 January 2012

Dubai Shares Climb to Month High After Tumbling to Cheapest Since March - Bloomberg

Dubai stocks rose to a month high after last week’s drop pushed shares to the cheapest levels in almost a year and as oil traded above $100 a barrel.
Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest construction company, jumped 2.8 percent. Emaar Properties PJSC (EMAAR) rose the most since December. The DFM General Index (DFMGI) increased 1.7 percent to 1,364.03, the highest since Dec. 19, at the 2 p.m. close in the emirate. Dubai’s shares slumped to the lowest since May 2004 on Jan. 16, with companies in the gauge retreating to the cheapest level since March.
The rally is “a rebound from a seven-year low that was somewhat unjustified, given the low volumes associated with the drop,” said Hassan El Salah, head of institutional equities at Al Ramz Securities LLC, an Abu Dhabi-based brokerage. “These stocks have been battered the past few weeks.”