By: Bedour Alraei
Dubai – Mubasher: The Union Properties (UP) topped gainers in Sunday’s mid-session, hitting its highest level in more than one year.
The company’s stock rose 10.50% by 12:45pm UAE time to reach AED 1.01, its highest level since August 2015.
The stock saw trading of 263.116 million shares, with a turnover of AED 259.52 million that accounted for 23.4% of the market’s AED 1.107 billion liquidity.
Real estate stocks acquired 50% of the market’s turnover as Arabtec and Emaar Properties saw active trades worth AED 165 million and AED 128.04 million respectively.
Arabetc rose 3.85% during the same time, while Emaar went up 3.08%.
UP’s stock reached its target level of AED 0.97, technical analyst Hareb Al Muhairy told Mubasher, adding that the stock will attempt to reach AED 1.04.
Dubai bourse’s main index jumped 1.92% or 64.43 points to reach 3,425.47 points by 12:45pm.
Translated by: Julian Nabil
