Dubai Stocks Rise Most Since July on Global Rally; Tadawul Jumps - Bloomberg:
"Shares in Dubai climbed the most in more than three months after global equity markets rallied with oil and as some investors speculated the selloff last week was overdone. Saudi Arabia’s shares advanced.
The Dubai Financial Market General Index (DFMGI), gained 3.5 percent to close at 4,419.36, the most since July 6. The gauge last week posted its steeped slump since December 2008, dragging its 14-day relative strength index to 23.4, the lowest since May 2012. A level below 30 indicates to some investors a measure is oversold. It climbed to today 32.7. Saudi Arabia’s Tadawul All Share Index rose 2.4 percent after its RSI dropped to the lowest since March 2011 on Oct. 16.
“Our markets were oversold as we had the worst of the selloff last week,” Ramez Merhi, director of asset management at Dubai-based Al Masah Capital, which manages $545 million, said in e-mailed comments. “Oil and global stocks have rallied and the bounce we are seeing today was practically inevitable.”"
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