Dubai shares advanced the most in a month, leading gains in the Middle East, as a rebound in Saudi Arabia’s index yesterday spurred speculation the selloff in regional stocks because of political unrest was overdone.
Emmar Properties PJSC, builder of the world’s tallest tower, increased 2.5 percent and Dubai Islamic Bank PJSC (DIB) advanced the most since October. The DFM General Index (DFMGI) climbed 2.7 percent, the most since Feb. 2, to 1,389.04 at the 2 p.m. close in the emirate. The gauge has lost 15 percent since Tunisia’s President Zine El Abidine Ben Ali was ousted in January. Saudi Arabia’s Tadawul All Share Index (SASEIDX) rallied 7.3 percent yesterday, the most since November 2008, snapping a 13- day losing streak. It gained 0.8 percent at 2:21 p.m. in Riyadh.
“The gains were prompted by what we saw yesterday in Saudi Arabia,” said Sebastien Henin, who helps oversee $110 million at The National Investor in Abu Dhabi. “Investors took this opportunity to buy. Looking forward, there is no visibility as the news flow is very rich and there are tensions across the Gulf Cooperation Council countries.”
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