On DFM, traded value in Emaar Properties' share clears Dh1 billion in 2 hours
For a second consecutive day, Dubai mega-developer's stock hits 15% limit
Dubai: The Emaar Properties is at it again – hitting the 15% trading limit twice since DFM opened today. And continuing where it left off yesterday, with investors putting their weight behind the Dubai master-developer’s confirmation that will double the 2024 dividend payout.
As of 12:05pm today, the stock is trading at Dh12.65, up by Dh1.65. Volumes have touched a near 80 million by now, and the value of the trades an eye-popping Dh1.02 billion.
In the last 2 days, the stock has gained more than 30%, fueled by the dividend revelation of what awaits its shareholders as 2024 payout. Last year, Emaar's dividend was Dh0.50 a share (for a combined total of Dh4.4 billion). The 2024 payout will be Dh8.8 billion.
So, should investors also do some profit picking after Emaar's 30% plus spike? Some investors and analysts think that's what's coming. "These are abnormal gains driving volumes and the Emaar stock price," said an analyst. "Some profit taking should be on the cards."
In the last 12 months, the stock has propelled its way to a near 68% increase, putting it among the top performers on DFM.
Emaar Development dips
In early trades, the Dubai arm of the company, Emaar Development, was trading in the red. By around 12:30pm, the stock had reversed direction, gaining 1.09% to Dh13.8. The stock saw volumes of 12.56 million and a value of Dh169.2 million by 12:42pm.