Buoyant Emaar leads stock market trading

Group closes up as most traded shares for the week on DFM

Emaar stocks enjoy high-volume trading.
Emaar stocks enjoy high-volume trading.

Emaar has been the most traded stock by value and volume on the Dubai Financial Market Index over the last week as confidence in the group grows further following its debt rollover at the beginning of the month.

The developer’s shares rose yesterday almost 7% to 4.06 from their previous price of 3.8, continuing the rebound from a slump of the last few days to near the 4.17 reached last Sunday.

The last seven days represent more than 8,000 trades at a value of AED1.33 billion, outstripping rival Arabtec Holdings (5,391 trades at a value of AED614 million for the week) and Dubai Financial Markets (7,082 trades at an AED816 million value), which both closed up yesterday at 2.7 and 1.9 respectively.

The positive performance extends the buoyant view of the group that has evaded any significant dangers to its portfolio of construction projects and last week successfully rolled over AED4.84 billion in debt to be converted into long-term project financing.

Arabtec Holding PJSC slumped just over 4% last week despite an upturn yesterday for the construction investor.

It will hope to continue the contract success of its subsidiaries from the end of last month.

On 29th March it was announced that Arabtec Construction Company, was awarded an AED524 million contract for the construction of The World Trade Center project at the West bay in Doha, Qatar.

Target Engineering Construction Company, another subsidiary, snapped up two contracts in Abu Dhabi: a sea water intake and pumping mechanism mandated by Takreer and a sea water intake and pipeline for the GASCO Ruwais 4th NGL train project awarded by the joint venture Petrofac-GS.

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Construction Week - Issue 767
Sep 01, 2020