Dubai Stocks Gain Most in 10 Months on Bets Rout Has Bottomed - Bloomberg

Dubai Stocks Gain Most in 10 Months on Bets Rout Has Bottomed - Bloomberg:



"Dubai shares rose the most in the world amid growing speculation the selloff that wiped off almost a quarter of the benchmark index’s value has run its course.



The DFM General Index advanced a second day, jumping 7.9 percent, the most since Sept. 10, to 4,389.94 at the close in the emirate. It’s the best performer among more than 90 gauges tracked globally by Bloomberg so far today. Arabtec Holding Co., the United Arab Emirates’ biggest listed builder, advanced 15 percent, the most since April 2012. Emaar Properties PJSC (EMAAR) added 5.1 percent.



“The selling has started to look like it is capitulating,” Akber Naqvi, an executive director at Dubai-based Al Masah Capital Ltd., which manages $545 million, said in e-mailed comments. “The market is at attractive levels and needs consolidation and sideways movement to confirm the bottom, but buyers seem to be more assertive at these levels.”"



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