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Dubai shares resume rally on Emaar

Dubai shares resume rally on Emaar
Emaar
EMAAR
-0.49% 8.15 -0.04

Shares on the Dubai bourse resumed rally on Sunday, boosted by blue-chips stocks in Emaar, as the developer posted its H1 financials for Emaar mall group.

The Dubai benchmark stock index, DFMGI, climbed 0.61% or 30.2 points to 4991.23 points.

“Emaar served as the main boost to the index on Sunday, after the company posted a robust growth for its mall unit,” said Nedal Khouly, head of Gulf Research in Nemma Investment.

Financial statements for Emaar Malls Group (EMG) reveal a net profit of AED 617.18 million during the first half of 2014 compared to AED 498 million during the same period in 2013, recording a profit surge by nearly 24%, according to the Company’s statement on the Dubai Financial Market (DFM).

Shares in Emaar surged 2.27% to AED 11.25.

Meanwhile, Arabtec resumed its gains, climbing 3.84% in a heavy trading value and volume.

Turnover hit AED 856 million, through the trade of 273.56 million shares.