Dubai: Deyaar Development jumped to a six year high on Thursday — it’s best since 2008 — with investors betting on shareholder approval of allowing non-GCC foreign buyers to invest up to 25 per cent of its shares amid a buoyant mood in the run up to the upgradation of UAE to emerging market status by MSCI in June.
The developer’s shares climbed 11.81 per cent to end at Dh1.61. Volumes climbed to almost six times the three month daily average on the day. In the last one year, the stock has surged more than 400 per cent.
According to Reuters, analysts say Deyaar, which has yet to recover to its mid-2008 levels, is one of the stocks offering investors a way to profit from Dubai’s rising property prices.
Gains in other real estate and construction stocks, including Union Properties, Emaar Properties, Drake and Scull International and Arabtec helped the DFM General Index to finish 0.92 per cent higher at 4618.28. Union Properties rose 2.69 per cent, Emaar was up 0.50 per cent, Drake and Scull 1.76 per cent and Arabtec 0.16 per cent.
The Abu Dhabi measure, ADX Securities Index, retreated 0.64 per cent to 4923.47. Of the 35 stocks traded, 17 advanced, 13 decreased and five remained unchanged.
Among the most active stocks, Rak Properties was up 4.46 per cent to Dh1.17, Aldar Properties rose 0.86 per cent to Dh3.53, Dana Gas increased 2.41 per cent to Dh0.85 and Sharjah Islamic Bank added 2.08 per cent to Dh1.96. Waha Capital slipped 1.45 per cent to Dh2.72.
