Emaar Properties Monday became the UAE's first listed company to permit foreign trading in its shares, the Gulf News reported Tuesday.
Brokers reported hectic activity in the stock fuelled by speculation, expatriate interest and profit-taking by traders, the paper added.
Over 471,000 shares worth Dh12.58 million changed hands before the stock closed 20 fils higher at Dh26.70.
During the day it fluctuated from Dh28.45 to Dh25.70, the daily said, adding that the heavy turnover in Emaar pushed activity on the Dubai floor to a record Dh12.9 million.
But opinion was divided about the level of expatriate and overseas investor interest in Emaar.
One brokerage was quoted by the daily as saying that "80 percent of its deals involved overseas buyers, but others much of the activity appeared to be fuelled by resident expatriates who had held Emaar shares through (partners) - having the shares transferred to their own names," - Albawaba.com
© 2000 Al Bawaba (www.albawaba.com)
