Deyaar profits build confidence among traders as shares rise in Dubai

Markets Update: Deyaar Developer surges on Wednesday after the Dubai-based developer reported a profit in the third quarter after making a loss last year.

Deyaar Development rose on the Dubai bourse today after reporting a profit rise.
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Deyaar Development rose the most in a week on Thursday after the Dubai-based property developer reported a nine month profit after making a loss a year earlier.

Inside the trading:

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The shares gained 4.2 per cent to 0.24 fils a share.

The developer said it made a nine-month net income of Dh45 million, after a loss of Dh489 million in the year earlier period, according to a statement posted on the Dubai bourse on Wednesday.

The Dubai Financial Market General Index lost 0.1 per cent to 1375.31 points, while the Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2487.63 points.

Elsewhere in the region, Kuwait's measure lost 0.2 per cent to 5904.70 points. Bahrain's index gained 0.2 per cent to 1150.65 points. Oman's index added 0.1 per cent to 5564.14 points. Qatar's QE Index gained 0.3 per cent to 8611.33 points. The Saudi Tadawul was closed for the day.