By: Mahmoud Gamal
Dubai – Mubasher: Damac Properties’ stock saw the most active trading since mid-December 2015 on Wednesday.
The stock saw the exchange of 43.08 million shares by 11:50am UAE time, generating AED 105.31 million which accounted for 22.4% of the market’s turnover.
The company’s stock rose 1.67% to AED 2.44 during the same time, overshadowing the decline of the real estate sector by 1.02%
The stock rise was mainly backed by the tendency of portfolio investors to build up new positions, in addition to the company’s new expansion plans, capital market analyst Amir Mansour told Mubasher.
The company granted 15 contracts worth AED 1.26 billion during the period from August to November 2016, according to a statement released on Tuesday.
Damac’s stock targets to reach AED 2.8-3 in the coming sessions, Mansour added.
Dubai’s main index, the DFMGI, fell 1.08% to 3,586.20 points during the same time.
Translated by: Julian Nabil
