MikeLigalig.com

source: PNA

Following a sluggish start into the second quarter 2012, stock prices of the United Arab Emirates' (UAE) developers were upbeat Sunday, outperforming blue chips from other Gulf Arab markets.

In the UAE sheikhdom of Dubai, the DFM General Index climbed 0.73 percent to 1,650.20. The Gulf state's largest developer by market value Emaar Properties jumped 3.13 percent, finishing at 3.30 Dirham (0.89 U.S. dollar). Earlier on Saturday, Kuwait's largest investment bank Global Investment House issued a "strong buy" on Emaar, raising the share's target price to 4 Dirham (1.09 U.S. dollar).

"Emaar remains one of our favorite regional picks in terms of real estate exposure offering a uniquely positioned portfolio of segmental and geographic operational coverage," Global said in a report on the UAE real estate market released on Saturday.

At Dubai's international market NASDAQ Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1697.68, up 0.81 percent. The world's fourth largest port operator DP World jumped 1.30 percent, closing at 11.65 U.S. dollars.

In the oil-rich emirate of Abu Dhabi, the equity measure ADX General Index dipped 0.18 percent to 2,495.78 points. The ADX witnessed a firework of real estate gains. The sheikhdom's largest developer Aldar Properties and its main rival Sorouh Real Estate surged to reach 1.11 Dirham (0.30 U.S. dollar) and 1.10 Dirham (0.29 U. S. dollar), respectively.

RAK Properties closed 2.63 percent higher at 0.39 Dirham (0.10 U.S. dollar) while Eshraq Properties surged 3.13 percent to close at 0.33 Dirham (0.08 U.S. dollar).

Elsewhere in the region, Bahrain Bourse, after a week of gaining, slipped 0.23 percent on profit booking, finishing at 1,156 points. In Kuwait, banking shares in particular lifted the KSE Market Index by 0.61 percent, which ended at 6,302.9 points.

Linkback: https://tubagbohol.mikeligalig.com/index.php?topic=49558.0