|09-29-2014, 02:46 PM||#1|
UAE stocks buoyed by Arabtec, Emaar; Holidays add pressure
The Dubai Financial Market (DFM) gained 0.51% as heavyweights Arabtec and Emaar Properties advanced. Abu Dhabi’s bourse gained 0.39%.
This comes after news that Arabtec will start a $40 billion project in Egypt, and a statement from Emaar Properties that shares of its malls unit IPO will debut at the top of its proposed range.
Emaar Properties also said it will return the surplus funds from orders to its IPO, which would be enough to get stocks in the UAE higher again, considering the massive over-subscription for the highly anticipated IPO.
Qatar stock market declined as Qatar National Bank and Industries Qatar fell 0.4% and 1.1% respectively.
Trading volumes this week is expected to be notably lower due to the upcoming Eid al-Adha Holiday.
Markets in Saudi Arabia and Oman will be closed next week, while other markets in the region will take shorter breaks, with many investors expected to stand firm for a few extra days.
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