Dubai Shares Enter a Bull Market as Oil Rise Fuels Gulf Rally - Bloomberg

Dubai Shares Enter a Bull Market as Oil Rise Fuels Gulf Rally - Bloomberg:



"Dubai’s stocks entered a bull market in the biggest two-day gain in the gauge’s history as oil prices rebounded and global equities rallied. Qatar’s main index also rose.



The DFM General Index climbed 9.9 percent to 3,765.35 at the close, advancing 24 percent since Dec. 17. The measure entered a bear market less than two weeks ago when the gauge plummeted 22 percent from a peak in September. Emaar Properties PJSC led gains with a 14 percent surge. Qatar’s QE Index rallied 7.6 percent, the most in more than five years. Abu Dhabi’s ADX General Index added 3.5 percent.



“The rout has stopped for now,” Julian Bruce, the head of institutional trading at EFG-Hermes U.A.E. Ltd. in Dubai, said by telephone. “We have seen off the bottom in the short term and we will have a bit more upside now on increased volatility. With the backdrop that we have now of global equities and oil rally, there has been a sea-change in the sentiment.”"



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