By: Mahmoud Gamal
Abu Dhabi – Mubasher: Eshraq Properties’ stock rose in Sunday’s trading session, backed by the news that the company intends to expand in Saudi Arabia.
The stock rose 1.2% to AED 1.13 by 12:15pm UAE time, with a turnover of AED 9.10 million generated from the exchange of 8.04 million shares through 106 transactions.
As a result, the real estate sector rose 0.53% during the same time.
The Abu Dhabi Securities Exchange (ADX) also gained 0.4% or 19.5 points to 4,589 points. The market saw trading of 87.38 million shares worth AED 92.52 million.
The company appointed Turke Bin Sultan Al Saud as a board member following the resignation of Omar Saleh.
Appointment of a Saudi board member bears several indications, such as the company's expansion in the Saudi market, or intention to launch an IPO, capital market analyst Mohamed Kamal told Mubasher.
The company’s stock targets to reach AED 1.15-1.20 in the coming sessions, Kamal noted.
Translated by: Julian Nabil
