MIDEAST STOCKS-Region up as oil gains, Emaar Development slumps on debut:
"Gulf stock markets mostly rebounded from several days of weakness on Wednesday, encouraged by strong oil prices, though Emaar Development sank on its debut after Dubai’s first big initial public offering since 2014.
Emaar Development, the local property development unit of Emaar Properties, closed at 5.77 dirhams, down from its IPO price of 6.03 dirhams, which represented its net asset value according to an estimate by consultants JLL.
The weak debut underlined two factors weighing heavily on Dubai. Its real estate market has been slumping for over two years as low oil prices cause governments around the region to cut spending and impose new taxes, slowing economic growth."
'via Blog this'
No comments:
Post a Comment