Dubai Shares Advance a Second Day This Week on Bets Decline Overdone, Oil - Bloomberg

Dubai’s benchmark stock index advanced for a second day this week on bets a decline the past two months was overdone on prospects for earnings and after crude oil climbed.

Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, rose for the first time in three days. Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest construction company by market value, gained 0.7 percent. The DFM General Index (DFMGI) added 0.2 percent to 1,466.08 at the 2 p.m. close in Dubai, paring its loss in the past two months to 3.9 percent. About 60 million shares traded in Dubai today, compared with a 12-month daily average of 121 million shares. The Bloomberg GCC 200 Index (BGCC200) of the region’s stocks increased 0.2 percent.

“There is no liquidity and that has nothing to do with company fundamentals as we are undervalued and oversold,” said Mohammed Ali Yasin, chief investment officer for CAPM Investment PJSC in Abu Dhabi. “The lack of volatility has helped make the downturn in local shares less steep than elsewhere, as international investors are staying away.”

* username: rupertbu