x Abu Dhabi, UAEFriday 21 July 2017

Emaar recovers in early trade on Amlak report

Shares in the master developer recover on a report that it may increase its stake in the Islamic mortgage firm.

Emaar shares recovered after an early dip this morning as investors reacted to a report that the developer may increase its stake in the Islamic mortgage firm Amlak.

Emaar shares remained unchanged at Dh3.52 in morning trading. Amlak’s shares have been suspended for two years after the credit crunch dried up liquidity and the values of property in Dubai fell. Emaar currently has a 48 per cent stake in the mortgage firm.

Trading was thin across the UAE. Traded value on the Abu Dhabi Securities Exchange reached Dh14.6m, while the Dubai Financial Market was at Dh38.1m.

In Dubai, Arabtec Holding, Dubai’s biggest contractor, added 0.5 per cent to Dh1.93 a share, while Dubai Financial Company rose 0.6 per cent to Dh1.50.

The Dubai Financial Market General Index remained flat at 1628.50, while the Abu Dhabi Securities Exchange General Index lost 0.3 per cent to 2707.83.

Sorouh Real Estate declined 1.2 per cent to Dh1.64. Aldar Properties remained unchanged at Dh2.26.

The euro last traded at $1.3222, compared with $1.3231 late in New York on Wednesday after Moody’s warned about downgrading Spain’s credit rating citing high debt funding needs.

Elsewhere in the region, Kuwait’s measure rose 0.1 per cent to 6836.70. Bahrain’s measure added 0.2 per cent to 1427.14.

Oman’s index remained flat at 6641.58. Qatar’s index lost half a per cent to 8772.67. The Saudi Tadawul was closed for the day.

halsayegh@thenational.ae