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UAE bourses to revive on Emaar Development's listing – Analysts

UAE bourses to revive on Emaar Development's listing – Analysts
UAE bourses to revive on Emaar Development's listing

Dubai – Mubasher: The UAE bourses are expected to bounce on Wednesday in line with Emaar Development's listing on the Dubai Financial Market (DFM).

Emaar Development is the second firm to be listed on the DFM in 2017 after Orient UNB Takaful which went public in June.

Earlier this month, Emaar Properties offered 20% or 800 million shares of its real estate development unit, the sale closed on 13 November for individual investors and on 15 November for institutions.

The indices of UAE bourses are likely to gain liquidity and see positive performance due to Emaar Development’s listing on the DFM today, analysts told Mubasher.

 

Long history

Emaar Development’s listing on the DFM will boost liquidity in the UAE markets as Emaar Properties has a long history of experience and financials, said Al Sharhan Centre general manager Gamal Agag.

The new listing on the DFM will help revive indices after seeing declining trends, Agag forecasted.

He explained that some rumours indicate that investors would not trade on Emaar Development's stock because of its high value, in line with ADNOC Distributions’ initial public offering (IPO) which is expected to lure investors.

 

Liquidity regain

Emaar Development listing on the DFM will regain the liquidity which the UAE markets lost during the IPO period, financial analyst at Menacorp Financial Services Essam Kassabia said.

Kassabia forecast the stock to hike at the first minutes of Wednesday’s session, noting that trading on this stock depends on the political stability in the region.

 

Possible fluctuation

Fady Al-Ghattis, CEO of Topsy Turvy, expected Emaar Development to fluctuate as Emaar Properties’ stock is seeing a declining wave below AED 8.