Dubai Shares Gain Most Since 2012 as Obama Delays Syria Strike - Bloomberg

Dubai Shares Gain Most Since 2012 as Obama Delays Syria Strike - Bloomberg:

"Dubai shares gained the most in 18 months, rebounding from the worst weekly slump since 2011, after U.S. President Barack Obama put off a military strike against Syria.
The Dubai Financial Market General Index (DFMGI) advanced 3 percent, the biggest jump since March 2012, to 2,599.35 at the close in Dubai. The measure slid 6.6 percent last week amid concern a military strike was imminent and will hurt tourism and investments in the emirate. Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower in Dubai, gained the most in almost four weeks and Deyaar Development PJSC (DEYAAR), a builder of home and office towers, surged 13 percent.
Obama said yesterday he’ll seek authorization from Congress before ordering the strike against Syria for using chemical weapons, delaying military action to at least Sept. 9. Dubai’s benchmark index had the biggest weekly slump since March 2011, leaving the gauge at an average price-to-book ratio of 1 compared with 2 in neighboring Saudi Arabia and 1.7 in Qatar."

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