Dubai’s stock market, now in the midst of a bull run, will attract more institutional investors as its property market recovers and the United Arab Emirates remains sheltered from regional turmoil, Mark Mobius said.
“Because of political turmoil you see money coming into Dubai in search of safety,” Mobius, who oversees about $50 billion as executive chairman of Templeton Asset Management Ltd.’s emerging markets group, said at an interview in Bloomberg’s Dubai office on March 8. “It’s definitely going to dawn on institutional investors.”
The Dubai Financial Market General Index (DFMGI) surged 4.7 percent yesterday, the most since December 2009, to 1,686.66, bringing the advance from a low in January to 30 percent. Last month, the benchmark surpassed the 20 percent threshold some consider the beginning of a bull market, and had the top monthly gain among benchmark equity indexes worldwide.
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