Dubai bourse scores record gains over Emaar Properties' six year high
Emaar gained 6.3 percent to 10.45 dirhams – the level last seen in May 2008 – on increased volume and helped Dubai’s benchmark jump 3.3 percent, also the highest since 2008.
Dubai’s largest-listed company launched a 66-story residential tower in Downtown Dubai Sunday, and announced sales for the development would start simultaneously in Dubai, Abu Dhabi and Singapore on May 10.
“I think the sentiment is very good and people have realized that the profit-taking we saw last week was short-lived,” said Sebastien Henin, head of asset management at The National Investor.
Dubai Islamic Bank also contributed to the uptick, rising 5.5 percent to extend gains that started on Thursday when the lender posted a doubling of first-quarter net profit.
The bank also said it was in talks to buy a 40-percent stake in an Indonesian Islamic lender.
Other property and banking stocks also rose Sunday.
Abu Dhabi’s banks, on the other hand, were mixed, leaving the index with a marginal gain of 0.04 percent. Abu Dhabi Commercial Bank rose 2.6 percent while another large lender, First Gulf Bank, slid 1.2 percen
- Tunisian, Moroccan Chambers of Commerce meet to discuss economic partnership
- Winter wonderland: Dubai debuts Aspen Chalets with view of Ski Dubai
- Egyptian economic experts predict inflation rate will continue to climb
- Shoura Council: Expats cannot buy property in Mecca, Medina, Riyadh
- Tensions increase between Egypt, Italy over renewable energy projects