UAE share markets were lifted somewhat on Sunday following positive reports regarding substantial financial investments in Syria by the UAE-based property giant, Emaar.
Despite the fact that the news about the investments in Syria significantly boosted the market at the beginning of the session, according to KUNA, the UAE market cooled down once again by the end of the day. Markets closed with Emaar shares settling down at 12.9 dirhams. The figure reflected a 3.2 percent higher price than on the previous day.
Though market speculators welcomed the news of the Syrian investments by Emaar, they awaited more pressing news of the company's plans to buy back 10 percent of its stock.
Ten percent is the maximum amount of shares that the company can repurchase, as laws in the UAE do not allow for Emaar to have greater share holdings.
Meanwhile, the overall UAE share market indicator rose by 0.17 percent on Sunday to close at 4,686 points after 193.5 million shares changed hands. A total of 12,980 transactions at a total value of USD 449.5 million were undertaken.
The county's services sector rose 0.87 percent followed by the industrial sector, which rose by 0.58 percent on Sunday. The banking sector, however, fell by 0.58 percent.
