Dubai shares ended their longest losing streak since July, led by gains in Emaar Properties PJSC and Dubai Islamic Bank, as investors speculated recent declines were overdone compared with prospects for earnings growth.
Emaar, the United Arab Emirates’ biggest developer, increased the most in three months, reclaiming some of the 17 percent slump in the previous four trading days. Dubai Islamic rose the most since June. The Dubai Financial Market General Index jumped 5.2 percent, the most since July 26 and the biggest gain among 89 benchmark indexes tracked globally by Bloomberg, to close at 2,185.29. The gauge lost 11 percent in the previous four sessions.
“It is a good time to start accumulating large caps” after the decline, said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. “The market corrected hard because of big gains following second-quarter earnings.” Dubai’s index advanced 23 percent and Abu Dhabi’s index added 19 percent in the third quarter.
No comments:
Post a Comment