Schroders Undaunted on Dubai After Biggest Slide in Nine Months - Bloomberg:
"The biggest selloff of Dubai stocks in nine months is failing to deter Schroders Plc and Shuaa Asset Management from seeing further gains in the world’s best-performing stock market.
The benchmark DFM General Index slumped 5.5 percent yesterday, taking its drop to 8.9 percent in the four days since MSCI Inc. named the Dubai companies it will include in its emerging-markets gauge from June 1. Stocks on the DFM, the world’s third most-volatile index, traded at a peak of 19.1 times projected 12-month earnings on May 14, a 77 percent premium to developing-nation peers. The multiple fell to 17.4 yesterday.
“Valuations have reached exaggerated levels,” Rami Sidani, who oversees the $343 million Schroders International Selection Fund, said by e-mail from Dubai yesterday. “Smart money will jump on the names that offer value as this correction could offer great entry points.”"
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