Bear-to-Bull Lurch Nothing New in Dubai Amid Record Stock Swings - Bloomberg:
"In July, Dubai’s benchmark stock index jumped 21 percent in about two weeks, an advance that qualified it as a bull market. This month, after a brush with a bear market, it repeated the feat in two days.
The turnaround is testament to a market in which volatility is fueled by fluctuations in oil prices and attempts by banks and brokerages to offload stocks to pay back some borrowed money that was used to buy them, according to Abu Dhabi-based Nabil Rantisi, managing director of Mena Corp. Financial Services. Dubai’s DFM General Index soared 24 percent in the past two days, more than double the gain in stocks in Saudi Arabia, the world’s biggest oil exporter.
“It’s a roller-coaster ride which we haven’t seen since the second half of 2008,” Rantisi said by phone. “It’s not a market for guys with weak hearts. You really require courage to be in this market at this time and make the right decisions.”"
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