Deyaar Development gained the most in almost six months yesterday after the Dubai property developer said it made a nine-month profit after a loss last year.
Its shares surged 6.8 per cent, the most since April 17, to 25 fils on the Dubai Financial Market (DFM) General Index. The index rose 0.4 per cent to 1,384.28.
On Wednesday, Deyaar said its net income for the first nine months of the year was Dh45 million, versus a loss of Dh489m in the same period a year earlier.
"It's a pure retail-driven trade," said Marwan Shurrab, the chief trader at Gulfmena Investments in Abu Dhabi. "Deyaar has been a loss-making company for a while, so going into the black triggers a trading opportunity for investors."
Other property and construction stocks declined. Emaar Properties, the region's biggest developer, fell 1.1 per cent to Dh2.64 on the DFM General Index. Drake & Scull International declined 0.8 per cent to 81 fils.
In the capital, Aldar Properties rose 0.9 per cent to Dh1.03 before releasing third-quarter earnings results. Sorouh Real Estate declined 1 per cent to 98 fils.
Local markets will be closed from Sunday to Tuesday next week in observance of the Eid holiday. Trading will resume on Wednesday.
Elsewhere in the region: Kuwait's index fell 0.1 per cent to 5,910.20; Bahrain's rose 0.6 per cent to 1,155.12; Oman's MSM 30 Index advanced 0.3 per cent to 5,573.10; and Qatar's QE Index was up 0.6 per cent to 8,631.11. The Saudi Tadawul All-Share Index was closed for the day.
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