"Dubai’s shares rose for a third day, reversing losses as MSCI Inc. (MSCI)’s upgrade for the United Arab Emirates outweighed a revision in global growth forecasts that triggered drops in Asia and Europe. Egypt shares also rose.
The benchmark DFM General Index (DFMGI), the world’s third-best performer this year among 94 gauges tracked by Bloomberg, gained 0.2 percent, taking its three-day advance to 2.3 percent. It fell as much as 1.6 percent earlier. Abu Dhabi’s measure was little changed after losing as much as 1 percent, while Egypt’s EGX 30 Index, which tumbled into a bear market yesterday, rose 1.2 percent amid increased buying this month by foreigners.
“At first people reacted negatively because global markets and Asian markets were down,” Mohab Maher, a senior manager at Mena Corp Financial Services, said by phone. “They still have confidence in the market that there will be cash inflow coming sooner or later following the MSCI’s decision.”"
'via Blog this'
No comments:
Post a Comment