Shares in Dubai’s Union Properties surge after trade resumes

Shares in Dubai’s Union Properties hit a 3 year high on Sunday. (Photo courtesy: Union Properties)

Shares in Dubai’s Union Properties hit their highest level in more than three years on Sunday after trading in the stock resumed following a brief suspension.

Trading was halted because the developer had failed to disclose the results of a board meeting held on September 12, the bourse said. It resumed after the company released a short statement which said the meeting was held to discuss the minutes of a previous meeting and “the regular activities of the company.” It did not elaborate.

Union Properties’ shares are among the most liquid on Dubai’s bourse and were up 6.7 percent at 6:47 GMT, hitting their highest level since January 2010. The stock is up 82 percent this year, but remains 86 percent below a 2008 peak.

Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40