DUBAI - Bloomberg
Persian Gulf shares rose as investors speculated stocks were attractive after declines this month left equities in some markets at their cheapest since 2006.
Tamweel PJSC, the country's second-biggest mortgage provider, gained after falling to its cheapest on record Sunday. Aldar Properties PJSC rose for a third day. Commercial Bank of Qatar QSC, the country's third-largest bank by market value also advanced.
�The buying is a normal reaction to the sharp drops across the region,� Amro Motasim, head broker at Al-Ahli Bank of Qatar in Doha, said in a phone interview. �Valuations are attractive in some parts of the Gulf as a result.''
The ADX General Index on Aug. 17 was valued at 11.7 times its companies' earnings, the lowest since at least 2006, weekly data compiled by Bloomberg showed. Dubai's index trades at an average of 12 times estimated earnings and Oman's measures at 11 times, according to data compiled by Bloomberg. That compares with a multiple of 15 for the Standard and Poor's 500 Index.
Tamweel gained for the first time in three days, climbing 2.9 percent to 6.03 dirhams. Aldar, Abu Dhabi's largest real- estate developer by market value, added 2.4 percent to 10.6 dirhams. The stock is still down 14 percent so far this month. Commercial Bank of Qatar rose 2.4 percent to 133 riyals.