Dubai’s market edges up as the slide in Arabtec shares slows and as many other beaten-down stocks attract bargain-hunting on the view that valuations have been brought to more attractive levels.
Arabtec is down just 1.9 per cent, after plunging its 10 per cent daily limit on each of the past three days. It remains the market’s most heavily traded stock.
Among the top 10 Dubai stocks by trading volume, the other nine are higher, with Emaar Properties rebounding 3.3 per cent and Dubai Financial Market climbing 1.3 per cent. Trading is active, suggesting the market’s tumble this week is viewed by some investors as a buying opportunity.
Dubai’s recovery helps sentiment in other regional markets, with Abu Dhabi up 1.1 per cent and Qatar up 0.4 per cent.