MIDEAST STOCKS-Dubai in biggest gain in 8 mths; property leads rebound | Reuters:
"Property-related stocks led gains as Dubai's index rallied from a six-week intraday low in its largest one-day advance since mid-September on Wednesday, while Egypt eased from a 69-month peak.
Dubai's benchmark rose 4.2 percent. It had lost 12.6 percent in the previous five sessions and fell a further 2.4 percent intraday before rebounding. The measure is now up 43.9 percent this year and has tripled since the start of 2013.
"The sell-off was expected but exaggerated - the decline in the prices on many of the heavyweight stocks increased investors' appetite to buy on dips," said Firass Yaish, business development manager at One Financial Markets in Dubai.
"Volatility is still the name of the game and we need to keep in check the rising PE (price to earnings ratios) of most of the stocks listed on the DFM (Dubai Financial Market).""
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