(MENAFN -Khaleej Times) emaar kept on climbing to close at dh9
Dubai’s stock market index rallied to its highest level in more than five years on tuesday as heavyweight emaar properties jumped 5.4 per cent buoyed by prospects of a dual listing of its impending shopping mall and retail unit public offering.
The dubai financial market general index surged 2.7 per cent to its highest level since september 2008.
Emaar kept on climbing to close at dh9.75 as other property majors including deyaar and union properties advanced. deyaar rose by 4.13 per cent to dh1.26 and union properties was up by 2.99 per cent to dh2.07 as dubai’s benchmark measure rose to 4,234.39 points from 4,124.77 points the previous day.
The abu dhabi general index rose 0.53 per cent to close at 4,848.29 points as indices of real estate, financial, energy and industrial sectors posted gains.
Mohamed alabbar, chairman of emaar, said on tuesday that the company had hired morgan stanley to advise on the sale of a 25 per cent stake in its shopping malls and retail business, one of the high-growth business entities of the developer. the company plans to list the new ipo on nasdaq dubai and in london.
With yesterday’s gains, emaar was inching close to the fair-value estimates made by market analysts. efg-hermes estimates emaar’s fair value at dh10.10 while arqaam capital calculates dh12.
Over the past 12 months, dubai’s benchmark index more than doubled amid a real-estate recovery even as index provider msci upgraded the uae to emerging market status.