Dubai – Mubasher: Emaar Malls’ stock rose 6.5% in Monday’s mid-session, following the announcement of the company's first-half financial results.
The general index rose 0.4% to AED 2.08, with a turnover of AED 102,090 generated from the exchange of 41,000 shares.
The company posted positive second-quarter results, confirming its good operational performance and expansion plans, capital market analyst Mahmoud Ziad said.
Emaar Malls posted a 5.2% rise in its net profits to AED 482 million in Q2-17, compared to AED 458 million in Q2-16. Profits grew 3% to AED 1.02 billion in the first half of 2017 from AED 987 million in the same period of 2016.
The company’s stock targets to reach AED 2.5, above which it will be able to move higher to AED 2.8 and AED 3, Ziad added.
