GulfBase Live Support
24/09/2014 00:53 AST
The Dubai index rose to its highest in three weeks, helped by the S&P upgrade, and the gains were led by Emaar Properties. Abu Dhabi, meanwhile, ended lower.
The Dubai Financial Market General Index ended 0.65 percent higher at 5,127.92, after hitting a high of 5,162.25, a level last seen on September 3. Dubai Islamic Bank rose more than 3 per cent.
“It’s generally positive environment. We have plenty of interest in IPOs and fundamentally strong economic environment in the GCC region that is driving the market,” said Saleem Kokhar,
“The near-term outlook is positive, but we will see some volatility and I won’t be surprised if investors take some money off the table,” said Kokhar.
S&P upgraded the UAE index into an emerging market index on September 22, potentially attracting investments of $700 million in the region.
Emaar Properties, whose unit’s IPO is being subscribed currently, ended 1.29 per cent higher at Dh11.80. Emaar was the most active stock in terms of value.
The developer of the world’s tallest tower started selling at least 15 per cent of shares in Emaar Malls Group from September 14, and plans to list them on Dubai Financial Market on October 2. The share sale is touted to be one of the biggest after the credit crises of 2008, when many companies were forced to restructure debts and stall projects.
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ADX 4,608.97
23.76 (0.52
DFM 3,091.15
-9.24 (-0.30
Ticker | Price | Change |
---|---|---|
EMIRATESNBD | 10.65 | 0.05 (0.47 |
EIB | 9.50 | 0.00 (0.00 |
EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
DIB | 5.30 | 0.00 (0.00 |
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