Thursday 8 March 2012

STOCKS NEWS MIDEAST-Dubai halts decline; Arabtec extends dip - Yahoo! News UK

Dubai's market halt two days of sharp declines as
fresh buying comes in at new entry levels, while Abu Dhabi also
rises as an upbeat global backdrop supports.
Dubai's index climbs 0.2 percent to 1,610 points.
On Wednesday it plunged 4.8 percent, its biggest drop in more
than two years. The benchmark is up 19 percent this year.
"The two brutal days took out speculative money and some of
the money that missed the rally, you'll see it come in," says
Amer Khan, fund manager, Shuaa Asset Management. "Over the next
few weeks, speculative stocks will continue to fall. The trick
is to pick up those stocks that have fundamental strength."
Large-caps support Dubai's index, with Emirates NBD
up 3.3 percent and Emaar Properties climbing
0.7 percent. Dubai Financial Market advances 7.6
percent.

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