MIDEAST STOCKS-Dubai leaps as Gulf ends strong year; oil clouds 2019 | Reuters:
Dubai’s beaten-down stock market rose sharply on Monday as the largest Gulf bourses ended a year in which most outperformed global benchmarks, although soft oil prices cloud the outlook for 2019.
The Dubai index, which hit five-year lows last week, surged 2.4 percent — it biggest rise since June 2017 — as real estate stocks rebounded. Emaar Properties gained 3.3 percent and DAMAC Properties added 4.1 percent.
Dubai’s bounce still left it down 24.9 percent for all of 2018, making it the world’s worst-performing major stock market for the year in local currency terms, marginally underperforming indexes in Shanghai and Athens.
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