By: Mahmoud Gamal
Dubai-Mubasher: Union Properties’ (UP) stock grew 2.12% to AED 0.772, its highest level in five months.
Speculators tended to trade on real estate stocks which reached attractive price levels after the beginning of first-half financials, technical analyst Mohamed Al-Azmi said.
UP’s book value reached AED 1.35, 75% higher than its market value, indicating that the stock has long-term investments.
Trading on the stock reached 39.70 million shares by 1:00pm UAE time, with a turnover of AED 30.43 million.
As a result, the real estate sector increased 1.06%.
UP targets to continue its rise and reach AED 0.792-0.806, while its support stood at AED 0.770-0.760, gulf market analyst Safwat Tatoh noted.
Dubai bourse’s main index rose 0.97% or 33.93 points to reach 3,522.20 points during the same time.
Translated by: Julian Nabil
