Dubai
Dubai index rose nearly 1.5 per cent in early trade on Monday even Damac shares fell after it announced lower than expected dividend.
The Dubai Financial Market General Index was up 1.30 per cent at 3,943.89 at 11.24 am, after hitting a high of 3,953.17.
Damac Properties proposed a 10 per cent bonus share issue equivalent to 500 million dirhams, compared to analysts expectations of 14 per cent payout. Shares of Damac fell nearly 10 per cent to be at Dh2.79 after gaining more than 70 per cent this month.
The Abu Dhabi Securities Exchange was also up 0.21 per cent to be at 4,631.34.
