DFM's decision has propelled the Union Properties' share to another good day on the markets. Image Credit: Bloomberg

Dubai: The Union Properties’ stock is having another breakout day on the DFM, closing near the 10 per cent up mark in the first hour of trade opening Friday (March 15).

This comes after the Dubai stock market authority elevated UP from the ‘second category’ to the first after the developer announced its 2023 financials, with a significant rise in profit numbers. The results also attest to the developer being able to generate marked gains from its ongoing turnaround plans, which focus on core operations and reworking some of the legacy issues it had been dealing with.

The UP stock was placed in the DFM second category, which is reserved for companies that have hit accumulated losses of 50 per cent or more of their paid up capital.

The UP stock is trading at Dh0.378, up by 8.86 per cent after the first hour. Investor activity on the stock had been intense past few days, with the stock hitting the upper limit of 15 per cent twice. The 52-week high is Dh0.46 and the corresponding low is Dh0.2.

More to follow...