By: Bedour Alraei
Abu Dhabi – Mubasher: Eshraq Properties’ stock was the best performer on Thursday, backed by the announcement of new projects under construction and expectations that the firm is likely to turn profitable in 2017.
The company’s stock rose 12% to AED 1.02, its highest level in one and a half year.
The stock saw trading of 283.63 million shares and accounted for 67% of the market’s liquidity after generating AED 282.18 million which is the highest liquidity achieved since April 2015.
Abu Dhabi’s market fell 0.57% and saw a turnover of AED 425.712 million from the exchange of 370.242 million shares.
The stock witnessed a significant rise, especially after its P/E (Price to Earnings) ratio reached 188, according to Wadah Al Taha, a member of the UAE National Advisory Board for the Chartered Institute for Securities & Investments (CISI).
Accumulated losses accounted 20% of Eshraq’s capital, but the company’s liquidity is still good and amounted to AED 478 million in H1-16, Al Taha noted.
Translated by: Julian Nabil
