Real estate stocks lead in Dubai Financial Market’s trend reversal

Emaar Properties, a  leading  UAE real estate developer, was the top gainer

Dubai Financial Market finally smiled as UAE shares rose yesterday to provide some much-needed relief to investors and traders. The combined value of shares went up by Dh19.54 billion.

The benchmark Dubai Financial Market General Index soared 161.41 points or 8.15 per cent to close at 2,142.85, with a surge in real estate stocks which, despite trading at cheap prices, have borne the brunt of the massive sell-offs.

Emaar Properties, a leading UAE property developer, was the top gainer of the day, jumping 14.98 per cent to end at Dh3.30. The shares now trade at 3.1 times earnings. Volumes jumped 97 per cent to 466.64 million shares with the total traded value increasing 101.31 per cent to Dh741.96 million.

Other stocks which witnessed a strong rally included Deyaar Development, up 14.08 per cent; Union Properties, gaining 14.16 per cent; Amlak Finance and Tamweel, climbing 14.85 per cent and 14.56 per cent respectively; Dubai Islamic Bank advancing 14.96 per cent and Arabtec Construction rising 14.95 per cent.