The Dubai stock market rose today tracking strong global cues and backed by profits in key blue-chip stocks and robust corporate earnings. The DFM general Index surged by 0.4% to 3,060 levels backed by gains in property and financial stocks. Top gainers were Emaar Properties, Marka Pjse, Emaar Development, Damac Properties, Emirates NBD and Takaful House
Emaar Properties was trading 2.5% higher as investor sentiments were boosted on strong quarterly results of its subsidiary Emaar Development. Moreover, at its 22nd Annual General Meeting last week, Emaar properties approved the distribution of AED 1 billion (US$ 272.25 million) as dividend to its shareholders.
Shares of Emaar Development, the real estate arm of UAE’s biggest developer Emaar Properties, were trading 1.1% higher at 5.56 this Monday morning as the company report a stellar earnings report for the first quarter of 2018. The company recorded a 62% jump in its net profit to AED 819 million (US$ 223 million) for the first quarter ending March 2018 compared to AED 506 million (US$ 138 million) in Q1 2017. Revenue for first quarter almost doubled to AED 3.27 billion (US$ 890 million) compared to AED 1.67 billion (US$455 million), reflecting strong progress in construction focused on timely delivery.
Moreover, Marka, UAE’s first publicly-traded retail operator, was trading 3.7% higher today as the company expects to achieve operational profitability in the first quarter of 2018 versus an operational loss of AED 4.6 million in the preceding quarter, following its 2017 restructure programme.
Meanwhile Emirate NBD and Takaful house were also trading higher by 0.5% and 1.5% respectively.
While investors welcome this positive momentum in the stock market, the index is still trading 1.6% lower for the month of April 2018.