Dubai Stocks Erase June Nightmare With Best Month Since 2007 - Bloomberg

Dubai Stocks Erase June Nightmare With Best Month Since 2007 - Bloomberg:



"Dubai shares gained the most in almost seven years in July, helping claw back some of the losses sustained in a bear market that wiped a quarter off the benchmark index.



Real estate-related companies led the rally. Arabtec Holding Co. (ARTC), which spurred the DFM General Index’s collapse in May and June, advanced 4.9 percent today to bring monthly gains to 63 percent. Emaar Properties PJSC, the company with the biggest weighting on the gauge, added 0.7 percent. Union Properties PJSC climbed 4.4 percent.



Dubai’s measure gained 2 percent to 4,833.24, bringing the monthly advance to 23 percent, the strongest since October 2007, according to data compiled by Bloomberg. Nine of the regularly traded stocks in the 30-member index traded above their 50-day moving average price through yesterday, up from zero at the start of July."



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