Emaar edging toward Dh8 mark in one-year high

both abu dhabi and dubai markets were up

ABU DHABI¬†14 June 2017: The UAE equities are forging ahead with their winning streak for the second day running amidst a positive mood prevailing following Emaar’s performance which saw its share edge toward the Dh8 mark for the first time in a year, closing at Dh7.91 in Tuesday’s session.

The upbeat sentiments created by Emaar’s announced IPO last week drove the market value of companies trading in Abu Dhabi Securities Exchange, ADX, and Dubai Financial Market, DFM, flying to more than Dh3 billion, as per official figures released at the close of today’s transactions.

ADX General Index closed, therefore, up 0.58 per cent at 4,537 points, with DFM following suit by 0.43 per cent at 3,441 points.

The property market was the top beneficiary of Emaar’s planned IPO, with Damac rising to Dh2.98 and Union Properties to Dh0.938. At ADX, Aldar rose to Dh2.41 followed by RAK Properties at 68 fils.

Market analysts expect continued agile demand over the heavy stocks during the coming period in the wake of the significant momentum created by Emaar which is about the break the AED8 mark for the first time in more than 12 months, with the upbeat sentiments recorded earlier in the week auguring great for the coming period.

Within this context, the number of transactions conducted increased to 7457 worth Dh880 million over more than one billion shares. The leading indexes closed in green with 39 shares out of a total of 64 closing higher than yesterday, 15 down and 10 at their last traded prices.

By Rajive Singh