Eshraq becomes the new kid on the ADX block

Markets Update: Eshraq Properties stocks enjoy a burst of volume on their first day of public trading, but traders on both exchanges are still sitting on their hands.

The arrival of Eshraq Properties on the Abu Dhabi Securities Exchange created one of few bright spots on local markets this morning, though the company's listing was not enough to rouse local traders from their slumber.

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The Dubai Financial Market General Index rose 0.2 per cent to 1,469.97, while stocks in Abu Dhabi were flat at 2,581.34, with volumes still languishing at levels seen during Ramadan.

Eshraq's stocks rose to highs of 59 fils each from an opening price of 47 fils, becoming one of the most traded shares on either market with more than 3 million stocks changing hands in the first hour.

The Abu Dhabi-based real estate developer released financial statements showing it made a profit of Dh8.8m in the months between January 1 and July 7, compared with a profit of Dh76.1m for 2010.

The company's profits reaped a large boost this year from the Dh16.5m raised from the proceeds of the IPO.

The biggest movers on local markets included Dana Gas, which rose 1.7 per cent to 57 fils per share, and Aldar Properties, which gained 0.8 per cent to Dh1.21.

Asian markets were buoyant following reports that France and German were certain that Greece will remain in the eurozone.

The Nikkei 225 rose 1.7 per cent to 8,668.86, while the Hang Seng Index rose 0.4 per cent to 19,132.12.