EMAAR is back in uptrends, spiking to a one-year high of Dh7.83, continuing its rising streak since its announced plans earlier in the week to sell as much as 30 percent of its real estate development business in the country in an initial public offering in November.
Driven by the prevailing high sentiments, the trading companies gained Dh4 billion in market value, with Emaar’s outperformance reflecting positively on the real estate sector in its entirety, driving DAMAC to close at Dh2.97 and Union Properties to Dh0.926. At Abu Dhabi Securities Exchange, ADX, Aldar edged high to Dh2.35 and Eshraq Properties to Dh1.07.
Emaar’s rebound has been expected, according to market analysts, as a state of calmness prevailed after its record last week, with cash inflows normally heading toward the property sector, drawing on the decent gains booked by real estate firms over the past few days, driven by Emaar.
Within this context, DFM General Index closed high 1.16 percent at 3,427 points, with ADX following suit by 0.28 percent at 4511 points.
Reflecting the positive mood prevailing, a total of 5717 transactions were conducted worth Dh800 million over 738 shares.
Written by: Wam
Source: Emirates 247