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Emaar shares soar as developer denies Egypt pullout

The Dubai Financial Market (DFM) General Index bucked the global downtrend and closed Thursday trading 0.74% higher at 1,491.08 points. Market bellwether Emaar Properties was the share of the day, as the most liquid stock jumped two percent to hit a six-week high at Dhs3.10. Earlier in the day, the UAE's largest developer said in a statement to the DFM that media reports from Wednesday about a cancellation of its projects in Egypt were completely false. "The source of the information reported is unknown," Emaar said, adding that "despite the ongoing political events our Egyptian subsidiary Emaar Misr hd not suspended nor ceased its operations at any time." Emaar has three projects in Egypt, named Uptown Cairo, Marassi Egypt at the Mediterranean coast near El Alamain and Mivida, East of Cairo. "Our operations have been running smoothly without any interruption," Emaar said. Fourteen shares gained, 10 declined and one securitt closed even. Trading volumes were on the decline one week before the start of Ramadan. Some 52m shares were traded, valued at Dhs76.6m.