Markets Update: Deyaar Development rises at the open after the Dubai based property developer said it was back in the black.
Traders look to share in Deyaar's delight at rising profits
Deyaar Development rose to its highest in almost a month, after the Dubai-based property developer said it was back in profit.
Shares rose 3.4 per cent to 27 fils a share, the highest since July 17.
Net income was at 66 million for the first half of the year, a reversal of the 243 million loss in the same period last year. Gross revenues for the period grew 48 per cent to Dh480 million compared with Dh325 million in the same period last year as the developer in April began handing over units in the Mayfair Tower, Mayfair Residency, Clayton Residency and its commercial property, Metropolis Offices.
The Dubai Financial Market General Index was down 1.2 per cent to 1442.94 points, while the Abu Dhabi Securities Exchange was down 0.1 per cent to 2599.94 points.
Elsewhere in the region, Kuwait's index was up 0.3 per cent to 5900.80 points. Bahrain's measure was up 0.5 per cent to 1272.29 points. Oman's index was down 0.7 per cent to 5430.53 points. Qatar's benchmark was up 0.7 per cent to 8127.54 points. The Saudi Tadawul All-Share Index was up 0.5 per cent to 6039.32 points.