Real estate major Emaar accounts for 82% of DFM trade value
Market activity for real estate giant Emaar accounted for a staggering 82 per cent of the value of market trades on the Dubai Financial Market's (DFM) on Sunday, adding significantly to the market's recovery after a period of unprecedented slowdown.
Emaar shares lost 0.79 per cent to close at Dh12.45, according to Gulf News. The share price touched Dh12.70 however shortly before the day's session ended, before dropping back to its final price.
"Emaar's share is only getting started," explained one analyst who spoke of the share's drop in price. "The slight slowdown is an indication that some eager investors opted for early profit bookings. Further, there seems to be a strong resistance level at Dh12.80, and the share price is trying to cross that barrier," commented the analyst optimistically.
Dubai's benchmark index advanced slightly yesterday to close at 428.76, reflecting a gain of 0.30 per cent from the previous day's close. The value of trades on the benchmark index, on the other hand, fell slightly. They remained relatively high, though, closing at Dh741.9 million.
The Abu Dhabi market kept its slow pace, falling by 0.74 per cent to reach 3,473.87 points by the day's end.