- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:30 06:49 12:14 15:11 17:33 18:52
Shares in Dubai property developer Damac fell close to their daily 10 per cent limit to Dh2.79 (down 9.7 per cent) after the real estate company announced its results sans a cash dividend.
The Dubai-based master developer nevertheless proposed a share dividend of Dh0.10 per share, representing 500 million bonus shares (on a capital of 5 billion shares).
According to Reuters, analysts had forecast a dividend of Dh0.14.
Shares in the Damac rallied on listing on the Dubai Financial Market in mid-January after the company initially floated global depositary receipts in London in late 2013.
Damac shares went up to Dh3.38 but then crashed to a low of Dh1.78 as an oil price plunged hurt sentiment and pushed local markets lower. However, before this morning’s announcement of results, shares were up a massive 73 per cent in Fenrualry, closing yesterday’s session at Dh3.090.
The DFM index was up 1.37 per cent at about 10.45am.
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