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Union Properties gain as developer returns to profits
- United Arab Emirates: Thursday, November 08 - 2012 at 13:55
After briefly testing the support level at around 1,600 points, the Dubai Financial Market General Index closed Thursday trading 0.80 percent higher at 1,617.47 points Thursday. "We expect a sideway between 1540 and 1640 point mid-term," said Egyptian investment bank EFG Hermes in its latest technical update. Shares of Union Properties or UP added 0.74%, finishing at Dhs0.405. Earlier in the day, UP said it earned in the first nine months Dhs155.71m, up from a loss of Dhs1.5bn in the same period last year. The developer of Dubai Motor City and the Index Tower in the DIFC District achieved in the third quarter a profit of Dhs49.662m, up from a loss of Dhs1.061bn in Q3 2011. Islamic insurer Takaful Emarat lost the most, ending off 4.36% at Dhs0.549.
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Gérard Al-Fil, Financial JournalistThursday, November 08 - 2012 at 13:55 UAE local time (GMT+4)
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