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Dubai: The Dubai Financial Market General Index finished above 6,000 points for the first time in 20 months yesterday, propelled by surges in Emaar and Amlak Finance stock.
Emaar rose 2.0 per cent, but Amlak took the day's honours, soaring 4.9 per cent following its confirmation that earlier reports forecasting a 120 per cent increase in profits in 2007, reaching Dh285m, were valid.
The largest UAE mortgage financier by market value, Amlak had already posted a doubling of profits in the third quarter.
The index closed at 6028.2, up 0.6 per cent, while the Abu Dhabi Stock Market ended fractionally higher, up 0.1 per cent at 4635.9. Volumes on both exchanges have risen through the week, with signs also of foreign institutional involvement.
Medium-term reforms
Meanwhile, news that future initial public offerings (IPOs) could be priced by way of book-building suggested medium-term reform of UAE markets. Such a move would encourage family-owned businesses to list their shares at a premium, rather than be restricted to par-value issuance.
The stock market regulator the Securities and Commodities Authority (ESCA) said it would have the right to decide how IPOs were priced.
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