Dubai – Mubasher: Dubai-listed Emaar Properties’ stock on Thursday ascended 1.66% to its highest level since December 2014, backed by the appointment of a new contractor for Dubai’s Creek Towers project.
By 11:25 am UAE time, the stock rose to AED 8.55, achieving a liquidity of AED 65.63 million through the exchange of 7.7 million shares.
Emaar on Wednesday appointed Al Naboodah Construction Group (ANCG) as the main contractor for the Creekside 18 towers at Dubai Creek Harbour.
Emaar’s stock has an operational power as the company seeks to deliver its projects on time, in line with the initial public offering (IPO) that the firm aims to launch next November, analyst Doaa Farouk told Mubasher.
Farouk noted that her positive expectations regarding Emaar’s annual profits, which is likely to surge by not less than 15%, will encourage investors to increase trading on the firm’s stock.
On the technical level, she said that Emaar’s stock seeks the level of AED 8.6, pointing out that in case the stock exceeds that level, it will keep rising to AED 8.8 as a first target, breaking over AED 9.
