Emaar Development Jumps 10.7% as Dubai Index Rises for a Second Session

The DFM general index rose 0.05% to 5,810.86 points, its second straight gain. Market capitalisation rose to AED967.2 billion from AED967 billion at Monday's close. Trading reached AED979.5 million across 17,500 deals, the paper said.

Emaar Properties drew the most trading, with AED440.3 million changing hands, and rose 2.4% to close at AED11.78. The two Emaar stocks led 25 gainers. Aramex rose 2.7%, Reem Investments 2.1% and Ektitab Holding 2%. Among the decliners, du fell 3.7%, Watania 3.55%, Aman 2.97%, Salama 2.9% and Tabreed 2.2%.

The session included a large direct deal in Ithmar-linked Etihad Energy Holding shares: 26.3 million shares worth AED71 million changed hands at AED2.7 each. Foreign investors bought a net AED104.2 million of Dubai shares, with purchases of AED505.6 million against sales of about AED401.4 million.

Bloomberg reported on Monday that Emaar Properties, which owns just over 79% of Emaar Development, was weighing a buyout of about $3.2 billion and could announce plans within days. Neither company has confirmed a deal.

Abu Dhabi and the Region

The Abu Dhabi Securities Exchange index fell 0.29% to 9,462.91 points. ADNOC Gas was the most traded stock with about AED139.9 million, followed by Abu Dhabi Commercial Bank with AED107.1 million. Ras Al Khaimah Cement rose 6.3%, GFH 6.04%, ADNOC Logistics 2.2% and Space42 1.58%, while Sudatel fell 4.9% and Americana Restaurants 3.2%.

Elsewhere in the Gulf, Saudi Arabia's TASI fell 0.07% to 9,876 points, with Saudi Aramco up 0.2% at SAR26.16, and Muscat fell 0.55%. Kuwait rose 0.93%, Qatar 0.24% and Bahrain 0.06%. Outside the Gulf, Egypt's main EGX30 index rose 3.49% to 50,104 points.