Dubai’s benchmark stock index headed for the highest close in almost three weeks on speculation declines in the past month prompted by concerns over Europe’s debt crisis were overdone given the outlook for growth.
Arabtec Holding Co., the United Arab Emirates’ biggest construction company, gained 2.9 percent. Dubai Financial Market PJSC rose for a second day. The DFM General Index increased 0.5 percent to 1,341.45 at 10:57 a.m. in the emirate, poised for the highest close since Jan. 5. The measure lost 3.4 percent in the past month through Jan. 19. Abu Dhabi’s ADX General Index rose 0.4 percent. Dubai’s shares slumped to the lowest since May 2004 on Jan. 16, while Abu Dhabi’s fell to the lowest in three years.
“The recent decline was overdone and last week we reached new lows,” said Sebastien Henin, who helps oversee $100 million at The National Investor in Abu Dhabi. “We are in a gray zone. We know that valuations are good, but we suffer from a lack of visibility on the local and international levels.”
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