September 3, 2014 / 7:22 AM / in 3 years

UPDATE 1-MIDEAST STOCKS-Dubai's Emaar rebounds, other markets edge up

(Updates with markets open)

DUBAI, Sept 3 (Reuters) - Dubai developer Emaar Properties rebounded in early trade on Wednesday, lifting the emirate’s bourse, while Abu Dhabi’s Waha Capital jumped after securing $575 million in fresh funding.

Dubai’s bourse edged up 0.5 percent as shares in Emaar rose 0.9 percent. The stock had dropped 3.0 percent on Tuesday after surging 13.7 percent in the two previous sessions.

Emaar, the emirate’s largest listed developer, plans to float its malls unit this month in a deal likely to raise 8 to 9 billion dirhams ($2.18-$2.45 billion) and will reserve 10 percent of the offered shares for its own shareholders.

The company reiterated on Wednesday that only investors holding its stock at the end of trading on Sept. 10 would qualify for priority allotment.

Shares in bourse operator Dubai Financial Market, which may benefit from higher turnover thanks to the IPO, added 3.6 percent.

Abu Dhabi’s index added 0.6 percent. Investment firm Waha Capital jumped 3.1 percent after announcing a hedging deal on half of its shares in U.S.-listed aircraft leasing company AerCap.

Waha Capital said the deal would provide it with additional funding of $575 million, which will be used to partially repay debt and to fund new investments.

Qatar’s bourse edged up 0.4 percent on the back of Gulf International Services and Commercial Bank of Qatar, which rose 1.2 and 0.7 percent respectively.

Egypt’s benchmark rose 0.4 percent but some property stocks, which posted strong gains in the last session, pulled back. Developer SODIC fell 0.9 percent and Heliopolis Co for Housing and Development was down 1.9 percent. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below