Mideast Stocks: Emirates NBD boosts Dubai, Saudi falls after budget | ZAWYA MENA Edition:
The Dubai stock market rebounded on Wednesday as top bank Emirates NBD surged, while falling oil prices continued to weigh on other Gulf markets and Saudi Arabia dropped after the government announced its 2019 budget.
In Dubai, the index rose 1.0 percent in early trade after falling 2.1 percent in the last session. The index is the worst-performing in the Middle East and North Africa this year, down more than 25 percent and near its lowest levels since 2013.
Valuations are attractive but there is no rush for investors to build positions, said Vrajesh Bhandari, portfolio manager at Al Mal Capital in Dubai. However, some flows may be going into high-yielding stocks ahead of the annual dividend announcement season early next year, he added.
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