By: Mahmoud Gamal
Dubai – Mubasher: Deyaar Development’s stock rose 2.5% to AED 0.523 on Tuesday, following its former CEO’s case.
The market saw a turnover of AED 5.09 million from the exchange of 9.76 million shares by 12:00am UAE time, representing 2.4% of the AED 204.9 million turnover.
The Dubai Court of Cassation upheld on Monday two convictions against Deyaar’s former CEO in two graft cases, according to which he will spend a total of 25 years behind bars, according to news circulated. In one case, he has had his 15-year jail sentence upheld over charges of misuse of power and AED 56.3 million fraud, in addition to upholding a 10-year jail sentence against the former CEO.
The stock was supported by build-up of new positions in it after reaching a low price level, capital marker analyst Amir Mansour.
The company’s stock targets to reach AED 0.6, Mansour added.
Translated by: Julian Nabil
