Damac listing plans boost Dubai market

July 31, 2014 4:03 pm

On the last day of the month, Thursday, July 31, also the first trading day after Eid holidays, the Dubai equity market index DFMGI gained two per cent to hit 4,833.24 points.

On Wednesday, Dubai-based developer Damac Properties said it would list shares on the DFM. Its global depository receipts which the developer of several high-end residential and office developments in Dubai listed on the LSE in London into shares in Dubai, Arabian Business reports. Back in April, privately held Damac requested a number of investment banks to examine the feasibility of going public.

The shares of Damac rival Emaar Properties today advanced by 0.72 per cent, finishing at AED9.77. Aman Insurance lost the most, finishing off 3.19 per cent lower at AED0.91.

Eighteen shares advanced, while seven declined.

Trading volumes edged up slightly compared to last Sunday, as 335.4 million shares were traded, valued at AED880 million.

Gérard Al-Fil