By: Mahmoud Gamal
Dubai – Mubasher: Emaar Properties’ stock declined on Thursday, after the real estate developer denied plans for distributing exceptional cash dividends this year.
The company’s stock fell 2.11% to AED 7.41, generating AED 22.89 million from the exchange of 3.08 million shares.
The dividends previously announced by the company’s chairman, Mohamed Alabbar, included the cash dividends and bonus shares distributed for fiscal year 2014 at a value of AED 17.2 billion, the spokesman said in a reply to Mubasher’s question via email.
The stock’ decline is expected, yet it is still technically holding, technical analyst Mohamed Al Mahdy.
Emaar's stock is expected to rebound and target AED 7.8 to AED 8, as the company will unveil a new project soon by the end of this month, Al Mahdy added.
Translated by: Julian Nabil