Emaar rally continues, Dubai ends higher
Emaar Properties extends gains, helping Dubai's index end higher for a second straight session.
The stock climbs two per cent, rising for a second day since slumping to a two-week low on Thursday. The index ends 0.5 per cent higher at 1,834 points.
"The real estate index is doing pretty decent and there is a lot of hope riding on Emaar's Indian IPO," says Vyas Jayabhanu, head of investments at Al Dhafra Financial Broker.
The Indian unit of Emaar Properties, the Arab world's largest listed developer, will launch its $770 million initial public offering in 90 days, a company official said on Thursday.
Abu Dhabi's index ends 0.6 per cent higher at 2,865 points, led by property stocks. Sorouh Real Estate climbs 1.6 per cent, while Aldar Properties rises 1.5 per cent.
"Abu Dhabi is more stable than Dubai at the moment," says Jayabhanu. "The positive sentiment in the region has been boosted with Saudi Arabia leading the way in the past few sessions.
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