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Emaar stabilises Dubai market, as developer cashes in on Panorama at The Views

On the first day of the last week of May's trading, the Dubai Financial Market General Index (DFMGI) added 0.05% to close at 1,480.35, although the number of gaining shares (5) was clearly outnumbered by losers (17). But bellwether Emaar Properties saved the gauge from falling, as Emaar rose 0.70% to hit Dhs2.90. Earlier in the day, Emaar announced it has sold out 4 buildings with 15 floors, with a total of 224 apartments at Emirates Living Golf Course. The project is called Panorama at The Views and it is located between The Greens and Emirates Golf Club. Investment bank Shuaa Capital gained the most (up 5.19% at Dhs0.709), while Kuwait's Hitstelic dived 5.45% to finish at Dhs1.04. Trading remained dull as most European exchanges will be closed Monday to observe Pentecost. Around 50m shares worth Dhs52m changed hands Sunday.