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‘Dubai Stocks Rebound After Earlier Selloff’


Dubai stocks climbed as the lowest valuations in more than two years lured investors back to the bourse following a selloff ...


Dubai stocks climbed as the lowest valuations in more than two years lured investors back to the bourse following a selloff that nearly pushed the index into a bear market. Saudi Arabian equities rebounded. The DFM General Index increased 3.2 per cent, the most since April 16, to 3,510.77 as of 12:36 p.m. local time after closing less than 20 points away from the threshold for a bear market on Monday. Dubai Islamic Bank, the emirate’s largest Shariah- compliant lender, led the advance with a 2.6 per cent increase. Dubai’s rally follows a three-day selloff that dragged the gauge’s 12-month forward price-to-earnings ratio to the lowest since January 2013 and its 14-day relative strength index to the weakest this year.

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Bloomberg Business Week, The National


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