Dubai Stocks Break Rout Led by Emaar on Bets Selloff Overdone - Bloomberg

Dubai Stocks Break Rout Led by Emaar on Bets Selloff Overdone - Bloomberg:



"Dubai stocks ended a three-day slump that pushed the gauge into a bear market, led by Emaar Properties PJSC (EMAAR) and Dubai Investments PJSC, as investors saw buying opportunities after the rout.



The DFM General Index (DFMGI) rose 2.9 percent, the most since June 12, to 4,123.93 at 11:40 a.m. in the emirate. Emaar, the property developer with the highest weighting on the index, climbed 3.2 percent. Dubai Investments rose 5 percent. Arabtec Holding Co. (ARTC), the United Arab Emirates’ largest-listed builder that fueled a selloff amid top-level dismissals, dropped 1 percent after declining almost the maximum permitted in each of the previous three days.



“The correction was severe enough to create new opportunities,” Akber Naqvi, an executive director at Dubai-based Al Masah Capital Ltd., which manages $545 million, said by e-mail. “Some valuations are much more attractive and some entry points are more appealing.”"



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