Emaar stock up in early trading

Stocks of Emaar Properties rose 0.57 per cent on Dubai Financial Market (DFM) on Thursday following the reported statement by the company's chairman that the firm won't need any government support and might increase its stake in local Islamic mortgage firm Amlak Finance.

Mohammed Alabbar said in an interview with the Al Arabiya television channel: ""Emaar enjoys a strong budget and doesn't need government support."

Alabbar said Emaar might boost its stake in troubled mortgage lender Amlak but a "decision to increase our shares in Amlak hasn't been taken yet."

Overall trading on DFM remains positive on Thursday on encouraging investor sentiments.

At 11.05am, the benchmark index was 1,634.42, up 4.44 or 0.27 per cent, with al sectoral indices except transportation trading in the green.

Out of 19 stocks being traded, 11 were trading in the green.

Major gainers include Takaful Emarat, DFM, Tabreed, DIB, among others.

Abu Dhabi Securities Exchange (ADX) was also up. At 11.10am, the index was up 1.90 point at 2,717.98.

Follow Emirates 24|7 on Google News.