By: Bedour Alraei
Dubai – Mubasher: Union Properties’ (UP) stock saw the highest turnover and trading volume.
The stock rose 7.42% by 12:40pm UAE time to AED 0.898, its highest level since April 2016.
UP acquired 28% of the market’s AED 656.24 million liquidity after generating AED 181.540 million from the exchange of 202.86 million shares.
The company’s stock managed to rise above AED 0.848 and is likely to reach AED 0.90, markets analyst, Hareb Al Muhairi, told Mubasher
UP’s fourth-quarter profits are expected to grow if the company manages to sell some of its real estate assets, according to UP’s chairman Khalid Bin Kalban.
The company will distribute rewarding cash dividends if it manages to exit some assets, Bin Kalban said in an interview with CNBC Arabia, yet he refused to reveal more information about such assets.
Translated by: Julian Nabil
