It was Dubai's turn to enjoy good fortune in the property sector yesterday as Emaar followed the lead of Abu Dhabi's Aldar and Sorouh Real Estate with strong gains.
The two main indexes in the UAE were pushed higher by property-linked stocks as investors sought to cash in on optimism over the two emirates’ property markets.
The Dubai Financial Market General Index closed up 0.5 per cent at 1,691. The Abu Dhabi Securities Exchange General Index closed up 0.2 per cent at 2,630.11.
Dubai Investments, a private-equity company that is heavily exposed to property, was riding high after a stream of strategic announcements.
Its stock closed up 1.5 per cent at 99 fils. The company says it plans to sell some of the firms it owns, indicating the business environment in Dubai is improving and the market can take the sales.
It is also considering a sukuk issue.
Emaar Properties also supported the index, rising 1.9 per cent to Dh3.11.
In Abu Dhabi, Aldar and Sorouh continued to rise on merger hopes. Aldar rose 7.35 per cent. Sorouh was up 6.57 per cent.
Also driving the index was Taqa, the Abu Dhabi National Energy Company, which rose steadily throughout the session after announcing it would pay a 10 per cent dividend, to close 4.76 per cent higher.
First Gulf Bank was among the companies retreating, dropping 1.95 per cent.
lmiller@thenational.ae
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