The Dubai index rose 0.7%, supported by the rise in Damac Properties, 14.4%, as investors hunted for cheap stocks.
Damac Properties’ shares jumped during the trading session on Wednesday, by 14.4 percent, recording the highest price in a year and a half.
By the middle of the trading session, the real estate stock recorded a price of 1.11 dirhams, topping the market’s high, which is the highest share price since May 8, 2019.
DAMAC’s share acquired the highest liquidity at that time by about 25.8 percent, as it achieved 30.98 million dirhams, out of the total market liquidity of 120.21 million dirhams, in the meantime.
23.5% of the market’s trading was directed towards Damac’s shares, with a volume of 28.73 million shares, out of total market trading, which recorded at that moment the volume of 121.94 million shares.
DAMAC recorded total revenues for the year 2019 of 4.4 billion dirhams, and the shareholders ’equity was stable at 14.1 billion dirhams, while the total asset value reached 23.8 billion dirhams.
The value of booked sales reached 3.1 billion dirhams, and about 4,700 units were delivered during 2019.
And the real estate sector rebounded by 1.36%, leading the general index of the Dubai Financial Market to rise by 0.14%, to the level of 2184.03 points, a gain of 3.22 points.
The Saudi main index gained 0.3%, Al-Rajhi Bank rose 0.6% and the Saudi Basic Industries Corporation (SABIC) 0.7%.
The Abu Dhabi index rose 0.2%, thanks to the rise in the shares of the country’s largest banks, First Abu Dhabi Bank, by 0.4% and Abu Dhabi Commercial Bank by 1.1%.
In Qatar, the index fell 0.1% due to Qatar Insurance losing 2%.
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