Dubai Stocks Have Value as Index in Bull Market, Mobius Says
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Templeton Asset Management Ltd.’s Mark Mobius said Dubai banking, property and services shares offer buying opportunities as the emirate’s benchmark index enters a bull market, after rebounding more than 20 percent from a six-year low.
The Dubai Financial Market General Index rose 1.6 percent yesterday to close at 1,648.44, bringing the surge from the low on March 3 to 22 percent. That surpassed a 20 percent threshold some investors consider the beginning of a bull market. The gauge, up 0.3 percent at the 2 p.m. close in Dubai, is still 6.9 percent below its year-ago level, leaving it valued at about 0.7 times net assets, or book value, while the MSCI Emerging Markets Index is valued at 2 times net assets.