Abu Dhabi Stocks Gain a Fifth Day on Earnings Bets; Dubai Falls - Bloomberg

Abu Dhabi Stocks Gain a Fifth Day on Earnings Bets; Dubai Falls - Bloomberg:

"Abu Dhabi’s benchmark index, the world’s fourth-best performing gauge last year, advanced for a fifth day on investor bets shares are cheap relative to earnings prospects. Dubai’s measure declined.

The ADX General Index gained 0.6 percent to 4,383.68, the highest close since August 2008 as Sharjah Cement & Industrial Development Co. and Ras Al Khaimah Cement Co. (RAKCC) rose more than 10 percent. Shares in the measure, which soared 63 percent last year, trade at 11.3 times average estimated earnings compared with 14.6 for Dubai’s gauge and 14.7 for the MSCI World Index. Dubai’s index lost 0.2 percent after more than doubling in 2013.

“The expectation of better earnings is what’s causing the money to come in,” Yaser Abushaban, the executive director for asset management at Dubai-based Emirates Investment Bank PJSC said by phone today."

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