Emaar shares account for 60% of Dubai index transactions
Shares of UAE property major, Emaar, accounted for approximately 60 per cent of overall transactions in Dubai on Tuesday, closing at Dh11.80 after gaining 2.16 per cent; analysts to believe the company's shares will continue to rise.
"Emaar might easily touch the Dh12 mark by the end of the week, or even higher," said one financial analyst according to Gulf News.
Meanwhile, Dubai's benchmark index climbing above the 415-point support level to close at 417.32 points, gaining 0.78 per cent. In Abu Dhabi, though, the index lost a single point to close yesterday at 3459.51 points.
"Graphically, there is definitely an upward trend in the Dubai market, part of which is attributed to the effective ceasefire in Lebanon, as the market seems to be positively reacting to the developments," explained the Manager of Shuaa Asset Management, Haytham Arabi.
"But it is still difficult to say that the wave of decline is over. We are expecting a strong recovery to occur after Ramadan, which will coincide with the disclosure of third quarter results."
"IPOs are still attracting funds, though less strongly than before, but maybe with a healthier oversubscription," he added.