Dubai Shares Rise Most in 3 Weeks on Valuations; Tadawul Climbs - Bloomberg

Dubai Shares Rise Most in 3 Weeks on Valuations; Tadawul Climbs - Bloomberg:



"Dubai shares added the most in more than three weeks as some investors judged stocks were cheap after a selloff wiped more than $60 billion from Middle Eastern equity markets yesterday. Saudi Arabia’s equities increased.



The Dubai Financial Market General Index (DFMGI) increased 1.9 percent to 4,708.70 at the close, after plunging 6.5 percent yesterday. Abu Dhabi’s ADX General Index advanced 1 percent, and Qatar’s QE Index added 0.5 percent. Saudi Arabia’s Tadawul All Share Index, the main measure for the Arab world’s biggest equities market, rebounded from the sharpest slump in more than three years, rising 2.3 percent, the most since July 22.



Middle Eastern stocks are recovering amid speculation yesterday’s losses were overdone. Dubai’s 14-day relative strength index, a measure of the velocity of gains and losses, fell under 30 for the first time since June, indicating to some investors the measure was oversold. It closed today at 36.3."



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