Abu Dhabi Shares Gain, End 10-Day Drop, on Bets Decline Overdone - Bloomberg

United Arab Emirates shares gained, with Abu Dhabi’s benchmark stock index snapping a 10-day drop, amid speculation losses in the past two months have been overdone given earnings prospects.

Aldar Properties PJSC (ALDAR), Abu Dhabi’s biggest real-estate company, jumped 2.5 percent. Abu Dhabi Islamic Bank (ADIB) rose the most in two weeks. The ADX General Index (ADSMI) increased less than 0.1 percent, rising for the first time since Sept. 6, to 2,557.99 at the 2 p.m. close in the emirate. The index is down 5 percent in the past two months. Dubai’s DFM General Index (DFMGI) rose 0.5 percent today, trimming losses in the period to 3.3 percent.

“The correction we saw in global markets already provides attractive valuations for many stocks,” said Ahmed Talhaoui, head of asset management at Abu Dhabi-based Royal Capital PJSC. “In order to attract investors to the Middle East and North Africa region, we need more time.”

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