From BI-ME:
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% from a six-year low.
The Dubai Financial Market General Index rose 1.6% yesterday to close at 1,648.44, bringing the surge from the low on March 3 to 22%. That surpassed a 20% threshold some investors consider the beginning of a bull market. The gauge, down 0.5% at 10:35 a.m. in Dubai, is still 7.7% below its year-ago level, leaving the index valued at about 0.7 times net assets, or book value, while the MSCI Emerging Markets Index is valued at two times net assets.
"It's possible that we are entering another up phase," Mobius, who said he oversees about US$54 billion, told a roundtable meeting in Dubai yesterday. "In some ways...
Read full article...
More on Dubai:
A peek into the dark side of Dubai
It could be a great time to buy the world's cheapest frontier market
Today's entertainment: Dubai halts construction of indoor mountain range
