The Dubai Financial Market General Index DFMGI gained 2. 73 per cent on Sunday, August 31, marking the highest day-gain in weeks, closing at 5,062.96 points. Two drivers lifted the gauge to a three-month high, due to bullish input from markets abroad from last Friday, where investors did a bet on additional stimuli packages from central banks, and Emaar’s clarification on when it would list its retail business Emaar Malls Group (EMG).
Emaar, the biggest developer in the UAE by market value, jumped 8.78 per cent in value to hit AED1.15 after it revealed that it would sell 15 per cent of EMG by next month; 30 per cent of the floating will be allocated to retail investors and 70 per cent reserved for institutional investors. Emaar, the developer and owner of the world’s biggest shopping centre, The Dubai Mall, also added that the IPO would enable it to earmark approximately AED5.3 billion ($1.44bn) from IPO proceeds to be paid as dividends. This going public would mark the biggest IPO in Dubai since 2007, when port operator DP World listed on the NASDAQ Dubai.
A vast majority of listed shares joined the rally on the DFM today. Twenty one stocks advanced, while four declined (seven ended flat). Arab Insurance Group or ARIG lost the most, finishing off by 9.70 per cent to AED2.42. Approximately 430 million shares, valued at AED1.530bn, changed hands.
Sunday, August 31- 2014 @ 14:52 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.