Markets Update: Dubai¿s stock market crept higher, led by Emaar Properties, after net profit at the region¿s biggest developer rose 45 per cent.
Emaar results provide lift for Dubai stocks
Dubai's stock market crept higher, led by Emaar Properties, after net profit at the region's biggest developer rose 45 per cent, driven by higher income from its malls and revival in the emirate's property market.
Emaar's shares rose 0.3 per cent to Dh3.25 on the Dubai Financial Market.
Net income rose to Dh614 million, from Dh250 million, Emaar said in a statement posted on the Dubai bourse website late Sunday.
The Dubai Financial Market General Index rose 0.1 per cent to 1510.79 points.
Emaar saw muted reaction following the results because "most of the movement was already priced in, the shares are up 12 per cent month to date," said Marwan Shurrab, the vice president and chief trader at Gulfmena Investments in Dubai.
Trading activity was lukewarm on the Abu Dhabi Securities Exchange, as the summer and Ramadan season went underway, a time where volumes are generally low.
Taqa, also known as Abu Dhabi National Energy, added 0.8 per cent to Dh1.23. Dana Gas fell 2.6 per cent to 37 fils. The Abu Dhabi Securities Exchange General Index slipped 0.01 per cent to 2485.30 points.
Elsewhere in the region, Kuwait's measure added 0.03 per cent to 5748.78 points. Bahrain's index slipped 0.3 per cent to 1109.62 points. Oman's MSM 30 Index slipped 0.06 per cent to 5373.47 points. Qatar's QE Index slipped 0.1 per cent to 8277.92 points.
The Saudi Tadawul All-Share Index gained 0.02 per cent yesterday to 6769.12 points.