By: Mahmoud Gamal
Dubai – Mubasher: Drake and Scull International’s (DSI) stock rose 2.4% after announcing that it exited a residential project in Dubai.
The company’s stock rose to AED 0.457 by 11:00am UAE time, generating AED 11.91 million from the exchange of 25.55 million shares.
News of DSI’s exit from a project was good for investors, enabling them to sell the company’s shares and incur the least amount of losses, capital market analyst Mahmoud Ziad told Mubasher.
DSI signed a deal with Omniyat Properties to sell its ownership share in the One Palm development in Dubai.
Exiting the project showed that DSI started its restructure plan which aims to reduce its losses in the future, Ziad noted.
The company’s stock targets to reach AED 0.5 and AED 0.55 respectively, technical analyst Hamed Al Anqari said.
Translated by: Julian Nabil
