Real Estate Stocks Recover and Improve Dubai Index

  • February 15, 2019

Results from Emaar Properties, other units lift investor sentiment

Stock results of Emaar Properties and other units exceeded expectations and uplifted the mood at Dubai index on February 14, 2019, which ended more than 1.65 per cent.

Emaar Properties closed 6.49 per cent higher at Dh4.10, rebounding from its lowest level in 52 weeks at Dh3.85. Emaar Properties was the most active stock in trade, contributing 27 per cent of the total traded value. About 19 million shares changed hands during the day, out of which 6 million shares were traded in auction.

“In Dubai, there could be a slight rebound during today’s session now that Emaar Malls has come out with its earnings, posting a solid 7 per cent growth in net profit YoY with plans for expansions to be ready within the first half of 2019,” Issam Kassabieh, Senior Financial Analyst, Menacorp said in a morning note.

Emaar Development closed 9 per cent higher at Dh3.69. Emaar Malls closed 6 per cent higher at Dh1.59. Dubai Investment closed 4.55 per cent higher at Dh1.15. In other property stocks, Arabtec closed 0.49 per cent higher at Dh2.05.

Aldar Properties closed 11.49 per cent higher at Dh1.65. About 56 million shares changed hands in Aldar Properties, the highest volume since April 2015.

(Source: Gulf News)