Dubai – Mubasher: Emaar Properties’ stock grew on Thursday on the Dubai Financial Market (DFM), pushed up by the initial public offering (IPO) of Emaar Development and the positive expectations regarding the mother company's quarterly results.

By 11:45 am UAE time, the stock added 0.72% to AED 8.4, with 917,990 traded shares and a turnover of AED 6.67 million.

The positive expectations with regard to Emaar Properties’ financial results, coinciding with its subsidiary's IPO which begins today have given the stock a boost through speculations, technical analyst Gamal Abdul Hamid told Mubasher.

In October, Emaar Properties announced that it will offer 20% of Emaar Development's issued shares, or 800 million shares, in an IPO that will take place from 2 to 13 November for individuals and from 2 to 15 November for institutions.

Technically, Emaar Properties’ stock's stabilisation above AED 8.27 will enable it to grow to AED 8.58, Abdul Hamid explained.

In the meantime, the DFM's general index went up 0.33% or 12.14 points to 3,646.86 points.