Dubai developers rise as bank shares fall back
The Dubai Financial General Index (DFMGI) closed 0.63 per cent higher at 4,224.01 points on Monday February 17, as trading volumes remained at bullish levels. Emaar Properties edged up by 1.18 per cent to AED8.55. After the market closed, Emaar said it netted in 2013 an (unaudited) income of AED2.568 billion or US$699 million, up 21 per cent year on year. Emaar’s smaller rival Union Properties surged by 3.16 per cent to AED1.96. Deyaar Development failed to follow and closed 1.50 per cent lower at AED1.31. Earlier in the day, Deyaar announced its participation at the first edition of the consumer property show, Next Move Live, scheduled to run from February 20 to February 22 at Madinat Jumeirah in Dubai. SHUAA Capital slipped by 1.67 per cent to AED1.18. Mashreq Bank, the only UAE lender that is 100 per cent owned by private investors, fell by four per cent to AED96. Approximately 1.2 billion shares were traded, valued at AED2.5 billion.