By: Mahmoud Gamal
Dubai – Mubasher: DP World’s stock grew on Wednesday on Nasdaq Dubai on the back of news that the Dubai-based port operator had signed a new agreement to develop an integrated area in Egypt’s Ain Sokhna.
By 12:20 pm Dubai time, DP World’s stock rose 0.6% to $23.45, while turnover on the stock amounted to $1.09 million through 46,700 shares traded.
The operational developments carried out by DP World, who is keen to develop and invest in the North African continent in general and in Egypt in particular, confirms investors’ confidence in the company’s stocks, financial analyst Mahmoud Zeyad commented.
From a technical perspective, DP World’s stock will test resistance at $23.6, the analyst told Mubasher, indicating that exceeding resistance will boost the stock towards $24 per share.
On Tuesday, DP World announced signing a partnership agreement with the Suez Canal Authority (SCA) to develop an industrial, commercial, and residential area in Ain Sokhna.
Under the deal, DP World will establish a joint venture in partnership with the SCA, which will hold 51% of the new company, while DP World will hold a 49% share in the company.
Translated by: Nada Adel Sobhi
