Emaar Properties PJSC and other developers in the United Arab Emirates are among “bombed-out” stocks that Templeton Asset Management Ltd. favors following a two-day slump in share prices.
“There are many of those properties that are cash-flow rich that are doing quite well; not all the properties are in trouble,” Mark Mobius, who oversees about $25 billion of developing-nation assets as chairman of Templeton Asset, said in a Bloomberg Television interview from Hong Kong. “From a longer-term perspective, you’ve got to look at these really bombed-out sectors.”
The Dubai Financial Market index tumbled 13 percent in the two trading sessions since Dubai World said it’s in talks to restructure debt, while Abu Dhabi’s gauge slumped 12 percent. Emaar, the U.A.E.’s largest developer, plunged 19 percent.
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