Investors snap up shares of Dubai developers amid cheaper valuations
Damac Properties and Dubai Parks & Resorts outperformed Dubai’s broader market yesterday as investors built up positions in the recently listed developers amid cheaper valuations.
“They were trading below the listing price because of the volatility in oil prices,” said Wadah Al Taha, the chief investment officer at Al Zarooni Group in Dubai. “Investors saw an opportunity to buy these laggard stocks.”
Damac jumped 5.8 per cent to Dh3.09. It was the top-traded stock, with trades worth Dh197.03 million. The shares have experienced strong upswings in the past four sessions.”
Dubai Parks & Resorts advanced 3.8 per cent to 77 fils.
The Dubai Financial Market General Index was little changed, up 0.1 per cent at 3,893.36 points. Eighteen stocks rose, 14 declined and five were unchanged.
Arabtec Holding, the region’s biggest contractor, rose 2.2 per cent to Dh3.17. Emaar Properties slipped 0.5 per cent to Dh7.25.
Property stocks led the gains on the Abu Dhabi Securities Exchange.
Eshraq jumped 5 per cent to 84 fils. RAK Properties rose 2.5 per cent to 80 fils.
The Abu Dhabi Securities Exchange General Index added 0.2 per cent to 4,621.55. Fifteen stocks advanced, six were unchanged and seven declined.
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Updated: February 8, 2015 04:00 AM