Dubai's stock market rose yesterday, lifted by Emaar Properties after the giant developer said its US$500 million Islamic bond sale was nine times oversubscribed.
Emaar, the developer behind the Burj Khalifa, rose 1.6 per cent to Dh3.15.
The company priced a seven-year $500m sukuk with a yield of 6.4 per cent, on the back of an order book of US$4.65 billion, Emaar said in a statement posted on the Dubai Financial Market (DFM) website.
Middle Eastern investors made bids worth 48 per cent of the transaction, while European investors made 38 per cent and Asian and US offshore investors were allocated 13 per cent and 1 per cent, respectively.
Emaar is expected to release its second-quarter results later this month.
Analysts polled by Bloomberg forecast the company to double its quarterly net income to Dh551m. The DFM General Index rose 0.7 per cent to 1,502.54.
Abu Dhabi stocks slid yesterday amid low volumes and lacklustre appetite.
Nine stocks declined, 10 were unchanged, while four advanced.
Etisalat, which holds the biggest weighting on the emirate's index, fell 1.3 per cent to Dh9.10. Eshraq Properties dropped 3.2 per cent to 30 fils.
The Abu Dhabi Securities Exchange general Index declined 0.2 per cent to 2,460.74.
Elsewhere in the region: Kuwait's measure slipped 0.1 per cent to 5,854.99; Bahrain's index also slipped 0.1 per cent, to 1,112.60; Oman's MSM 30 Index gained 0.4 per cent to 5,468.13; Qatar's QE Index was little changed, down 0.02 per cent, to 8,283.13.
The Saudi Tadawul All-Share Index slipped 0.5 per cent to 6,662.96.
