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Emaar Properties shares jump after government’s proposed move

The Dubai Financial Market General Index closed 0.47% higher at 3,285.64

Gulf News

Dubai

Emaar Properties rose on Wednesday on the proposed move by the regulator that may ask developers to meet 50 per cent construction before launching off-plan sales.

Emaar Properties closed 3.15 per cent higher at Dh6.22. The Dubai Financial Market General Index closed 0.47 per cent higher at 3,285.64 on the back of the move in Emaar shares.

“Emaar is likely to benefit from the latest proposed move from the government. Emaar has a healthy balance sheet and cash flow. Emaar is much better positioned in the current environment to brace such a move,” said Vrajesh Bhandari, portfolio manager with Al Mal Capital. Emaar Properties had Dh15.5 billion of cash till the end of September.

In other stocks, Gulf Finance House closed 2.34 per cent higher at Dh1.31. Dubai Entertainments closed 1.09 per cent stronger at Dh0.556. Dubai Islamic Bank fell 0.97 per cent lower at Dh6.10. In Abu Dhabi, the securities exchange index closed 0.13 per cent higher at 4,583.67.

Taqa retained its positive momentum along with Al Salam Bank Bahrain. Taqa shares closed at Dh0.78, up 0.02 fils. Al Salam Bank closed up 4 per cent to end at Dh1.3.

Core markets

“We are selectively positive on a few UAE stocks. Our core markets have been Saudi [Arabia] and Egypt for a few weeks ahead of the MSCI inclusion in the emerging market index,” Bhandari said. Saudi Arabia’s Tadawul index closed 0.01 per cent lower at 7,505.62. The index has gained 3.87 per cent so far in the year, compared to 4 per cent losses in the Dubai index. Smaller markets like Bahrain, Kuwait and Qatar have been sluggish.

The Kuwait index closed 0.31 per cent higher at 6,701.31. “We are fairly optimistic on Egypt post the rate cut from the central bank. Things are falling in place for the economy,” he added.

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