Dubai’s shares rose, with its benchmark stock index headed for its largest gain in two weeks, on bets a drop this month is overdone.
Emaar Properties PJSC, (EMAAR) builder of the world’s tallest skyscraper, gained as much as 2 percent. Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest construction company, snapped a five-day losing streak. Dubai’s DFM General Index (DFMGI) edged up 0.5 percent to 1,336.70 at 11:33 a.m. in the emirate. The measure is down 3.2 percent this month.
“These are regular market consolidation moves which come after every sharp sell-off,” said Vipin Karnani, a financial analyst at Al Fahim Group in Abu Dhabi. “Most of the stocks have reached their support zones and thus are getting some bids.”
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