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FINANCE

Dubai market bounces back

: Thursday, June 12 - 2014 @ 17:17

The Dubai Financial Market General Index (DFMG) surged 3.68 per cent to hit 4,836.86 points, on Thursday, June 12, ending a four-day losing streak. Arabtec surged 11.1 per cent to finish at AED5 after the UAE’s first construction firm denied rumors of plans to de-list. Abu Dhabi state-owned investment firm Aabar Investments reduced its share in Arabtec to 18.85 per cent from 21.57 per cent, the DFM has revealed on Wednesday.

Emaar jumped 3.37 per cent to hit AED9.84. Earlier in the day, Emaar said in a filing to the market said that in line with previously announced bank loan and sukuk road shows its retail subsidiary Emaar Malls Group, a U$750 million sukuk was successfully priced with a profit rate of 4.564 per cent, representing 182.5 basis points over U$10-year mid-swaps on Wednesday, June 11 2014. The issuance was oversubscribed by the factor 7.2.

Gérard Al-Fil

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Thursday, June 12- 2014 @ 17:17 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.

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