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Shares stage rally on DFM and ADSM

The real estate industry had been buoyed by the rise in HSBC Holdings' shares-price estimates for Aldar Properties and Sorouh Real Estate Co, a Bloomberg report said. Emaar Properties, whose value of volume of shares reached Dh448.24 million, paced the Dubai Financial Market (DFM) General Index. Shares in Emaar, the biggest publicly traded real estate developer in the Arab world, rose 2.8 per cent from Dh12.45 to Dh12.75.

The company's unit Emaar Industries and Investments has acquired 52 per cent of Caparol LLC, the Dubai arm of German paint manufacturer Deutsche Amphibolin Werke Group. DFM's volume of shares was valued at Dh2.7 billion, with 12,332 shares changing hands. The main index had 21 listed companies advancing and three declining.

Al Firdous Holding topped DFM with a rise of nine per cent from Dh2.25 to Dh2.45 followed by Islamic Arab Insurance with a gain of 7.5 per cent to Dh3.46 and property financier Tamweel, which grew 7.3 per cent to Dh7.10. Abu Dhabi's biggest property developer Aldar jumped 7.8 per cent to Dh10.25 while Sorouh increased 4.6 per cent to Dh7.12. Emirates Driving Co ended up 7.6 per cent to Dh3.27.