Emirates NBD lifts Dubai, rest of Gulf modestly firmer | Reuters:
A leap by Dubai’s biggest bank boosted the stock market index sharply on Thursday while most Gulf bourses registered only marginal gains.
The Dubai index closed up 1.8 percent, its biggest gain since May, as Emirates NBD jumped 6.2 percent to 9.50 dirhams. It was the market’s strongest stock; 5.6 million of its shares changed hands, or 7.3 times the 30-day average for volume.
Many analysts consider the stock undervalued. Eleven analysts covering the stock have a median target price of 13.20 dirhams, according to Thomson Reuters data.
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