Dubai Stocks Shine in July as Regional Rotation Picks Up - Bloomberg:
Equity investors rotating from expensive Saudi and Kuwaiti markets into cheaper Dubai are helping the Emirate’s main equity index enjoy its best monthly performance in over four years.
The DFM General Index finished July 9.8% higher, its biggest monthly gain since April 2015 and the third-best among major gauges globally after Jamaica and Sri Lanka. The positive performance contrasts with a decline of 1.5% for the MSCI EM Index.
Analysts and money managers say that valuations for some of Dubai’s biggest and most liquid stocks are attractive even as economic growth remains subdued. They also note that other markets in the region, such as Saudi Arabia and Kuwait, are losing the appeal initially triggered by their inclusion in emerging-market benchmarks.
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