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Developers lead advance in Dubai market

The DFM General Index advanced by two per cent, closing at 3,207.70 points on Wednesday, December 18. Emaar Properties surged 2.26 per cent to reach Dhs7.25. Earlier in the day, the Emaar said that its board of directors gave the green light to converse convertible bonds into shares and approved to raise the company’s share capital by issuing 18.7 million stocks for the account of the note-holders. Deyaar Development gained the most, ending up by 10.66 per cent at Dhs0.903, after the Islamic developer said it was close to complete the Fairview Residency Project in Dubai’s Business Bay. Union Properties edged up by 6.48 per cent, closing at Dhs1.15. National Industries Group lost the most, finishing ten per cent lower at Dhs11.65. The shares of investment bank Shuaa Capital advanced by 0.55 per cent. Earlier in the day, Shuaa said that rating agency Moody’s affirmed Shuaa’s B1 long-term foreign and domestic currency issuer rating and upgraded the outlook to stable from negative. Shuaa reported a profit of Dhs3.62 million in the Q3 of 2013, representing the company’s second consecutive quarterly profit since the financial crisis.

Gérard Al-Fil