Dubai Stocks Re-Enter Bull Market Three Weeks After Bear Selloff - Bloomberg

Dubai Stocks Re-Enter Bull Market Three Weeks After Bear Selloff - Bloomberg:



"Dubai stocks rose, sending the benchmark index back into a bull market three weeks after a selloff ended the longest rally since 2005, as investors bet Arabtec (ARTC) Holding Co. will keep state backing.



The DFM General Index (DFMGI) climbed 3.4 percent to 4,765.64 at the close, the best performer among more than 90 gauges tracked globally by Bloomberg and bringing its increase since a low on June 30 to 21 percent. Arabtec, the biggest builder in the United Arab Emirates, surged 14 percent as volume climbed to 2.5 times the three-month daily average. The stock, which rose the most on the DFM, has rallied 86 percent this month.



Arabtec has reversed the slide that sent Dubai’s gauge tumbling into a bear market on June 23 as concern eased that Aabar Investments PJSC, Arabtec’s second-biggest shareholder, would divest its stake. The stock is up 69 percent since Khadem Al Qubaisi, who chairs both Arabtec and Aabar, said July 2 the Abu Dhabi government-owned company may rebuild its holding in the Dubai-based builder."



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