Emaar boosts Dubai before second quarter results

File - Banks in the Gulf are sucking in capital to fund expansion plans.

DUBAI: Blue chip Emaar Properties pushed up Dubai’s stock market Monday ahead of its second-quarter earnings announcement, while a sudden drop of National Bank of Abu Dhabi shares dragged down the Abu Dhabi bourse.

Emaar, Dubai’s biggest real estate developer, rose 3.1 percent in its heaviest turnover for a month, lifting the main Dubai stock index 1.3 percent.

After the close, the company reported a 28.6 percent rise in quarterly net profit, marginally beating analysts’ forecasts, though revenue from its property sales in Dubai dropped in a possible sign that higher prices are starting to slow the emirate’s property boom.

Dubai Investments rose 1.7 percent after reporting its net profit for the first six months of the year more than doubled; for the second quarter, profit more than tripled on the back of a gain from divesting one of its assets.

Meanwhile, Abu Dhabi’s index fell 0.2 percent because of a last-minute tumble by NBAD, which dropped 4.6 percent in the final few minutes of trade to close at 13.55 dirhams. The stock had previously been trading around 14.05-14.10 dirhams; stock exchange officials could not be reached for comment on the sudden move.

Qatar’s index rose 1 percent on the back of rises in a broad range of stocks. Real estate firm United Development Co. climbed 2.5 percent while Qatar Gas Transport (Nakilat) rose 3.6 percent.

The Saudi index climbed 1 percent as industrial project developer Emaar Economic City rose 3.5 percent.

Saudi hospital company Al Hammadi jumped its 10 percent daily limit to 71.50 riyals, continuing its strong uptrend since it listed in mid-July at an IPO price of 28 riyals.

Daily turnover hit its highest level so far.

A version of this article appeared in the print edition of The Daily Star on August 05, 2014, on page 5.




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