Deyaar Jumps to 16-Month High on Bets Stock Cheap: Dubai Mover - Bloomberg:
"Deyaar Development PJSC (DEYAAR), a builder of homes and commercial towers in Dubai, climbed to the highest level in more than 16 months as investors sought cheap valuations amid a recovery in property prices in the emirate.
The stock rose 4.9 percent to 44.8 fils at the close in Dubai, the highest since March 2012. About 117 million shares traded, or 4.7 times the three-month average. Deyaar was the most-traded stock on the Bloomberg GCC 200 Index (BGCC200) and the biggest gainer on Dubai’s benchmark gauge, which fell 0.6 percent.
Dubai’s property prices, which crashed more than 65 percent from a peak in 2008, are recovering as the economy rebounds amid an acceleration in tourism and retail trade. Deyaar trades at 0.7 times book value, compared to a multiple of 1.1 for Emaar Properties PJSC (EMAAR), developer of the world’s tallest tower."
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