Dubai Shares Rebound to Best in World After Four Days Falling - Bloomberg

Dubai Shares Rebound to Best in World After Four Days Falling - Bloomberg:



"Dubai (DFMGI) shares rose, led by Arabtec Holding Co. and National Central Cooling Co., as investors bet that four days of declines were overdone.



The DFM General Index climbed 3.7 percent to 4,836.86 at the close in the emirate, ending a rout that wiped 8.5 percent from shares this week through yesterday. The index is the world’s best so far today among more than 90 tracked globally by Bloomberg. Arabtec, the United Arab Emirates’ biggest publicly traded construction company, and National Central Cooling, also known as Tabreed, both gained 11 percent.



Dubai shares slumped earlier this week, led by property and construction stocks, after the United Arab Emirates’ central bank said the property market may be overheating. Shares of Arabtec fell 30 percent in the first four trading days this week as its second-biggest shareholder cut its stake and amid rumors the company would leave the bourse."



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