Dubai Shares Lead U.A.E. Gains as Investors Hunt for Bargains - Bloomberg

Dubai Shares Lead U.A.E. Gains as Investors Hunt for Bargains - Bloomberg:



"Dubai shares rose as oil advanced and some investors judged stocks were cheap following a nine-day selloff. Abu Dhabi’s gauge climbed.



The DFM General Index (DFMGI) added 3.7 percent, headed for the biggest gain since July, to 3,442.75 at 11:39 a.m. local time. The measure, which erased its year-to-date gains yesterday, was the best performer among more than 90 gauges tracked by Bloomberg globally. Abu Dhabi’s ADX General Index (ADSMI) jumped 1.2 percent, set for sharpest increase in a month. The gauge was less than 10 points away from a bear market yesterday. 




The estimated 12-month price-to-earnings ratio of Dubai’s index, which entered a bear market last week, rose to 10.8, near MSCI Emerging Markets Index’s 10.7. The 14-day relative strength indicator of the emirate’s measure climbed to 21 today from 13.7 yesterday. A level below 30 indicates to some analysts that securities have fallen too far."



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