By: Mahmoud Gamal
Dubai – Mubasher: Damac Properties’ stock rose in Thursday’s trading session, following the news of launching a new project in Qatar next week, an analyst told Mubasher.
The real estate developer will launch Burj Damac Seaviews in Qatar next week.
The company’s stock added 1.04% to AED 2.9 by 12:15 pm UAE time, with a turnover of AED 23.04 million generated from the exchange of 7.96 million shares .
The stock is seeing speculations following the announcement of Damac’s new project in Doha, reflecting the company’s intention to expand its investments abroad in the coming period, financial analyst Nawaf Al Anzi told Mubasher.
Expansion of investments in the real estate sector abroad may have a positive effect on the company’s results, Al Anzi added.
Damac’s stock saw strong purchases which may push it higher to AED 3-3.5, after MSCI said it will add the company to its UAE Index on 1 June, according to the May 2017 semi-annual index review.
Translated by: Julian Nabil
