Dubai – Mubasher: The UAE stock markets are expected to see positive performance during Wednesday’s trading session, analysts told Mubasher.
On Tuesday, the Dubai Financial Market (DFM) ended in the green zone, whereas the Abu Dhabi Securities Exchange (ADX) inched down.
Mohamad Al Abbar, Emaar Properties’ chairman announcements regarding Emaar Investments and Real Estate Development’s plan to distribute AED 1.2 per share in the beginning of 2018 boosted trading in the UAE bourses, Manaf Almallouhi financial analyst told Mubasher.
On Monday, Emaar Properties’ stated that it will list 20% stake of its subsidiary Emaar Investments and Real Estate Development.
After Al Abbar talked about Emaar Properties’ unit and its initial public offering (IPO), liquidity was pumped again to Emaar Properties’ stock which aims to reach between AED 8.8-9 during the coming sessions, Almallouhi added.
The value of Emaar Investments and Real Estate Development will be announced after the individual investors and institutions participate in the IPO, Al Abbar added.
As Emaar Properties’ stock saw strong trading, this pushed the real estate stocks up, especially the stocks of firms that did not announce their financial results, Almallouhi noted.
There are some real estate stocks that remain at strong positions now and may rise again especially Drake and Scull International’s (DSI) and Damac Properties stocks.
Some stocks on the DFM saw strong trading activities as the stocks of Du, Gulf Navigation Holding, Islamic Arab Insurance Company’s (Salama), and DSI, Analyst Razan Shahwan said.
If the DFMGI continues growth during Wednesday trading session it will reach 3,662 points, Shahwan added, concluding that if it started in the red zone it will reach 3,587 points.
Translated by: Mohamed Hesham Azab
