x Abu Dhabi, UAETuesday 25 July 2017

ADX digests Aldar plan

Aldar Properties' funding framework weighed on local markets yesterday on the first day of trading since the deal was announced.

Aldar closed lower yesterday.
Aldar closed lower yesterday.

Aldar Properties' funding framework weighed on local markets yesterday on the first day of trading since the deal was announced.

Abu Dhabi's biggest developer closed 7.05 per cent down at Dh2.11. Aldar announced a funding plan late on Thursday under which the Abu Dhabi Government would buy Dh10.9 billion of the company's infrastructure assets on Yas Island, Dh5.5bn of residential units and land, and issue a Dh2.8bn convertible bond. The mood among international investment banks was more upbeat than among local investors, however, as Deutsche Bank upgraded Aldar to "buy" from "hold" and lifted its share price estimate to Dh3.20 from Dh2.10.

The telecoms giant Etisalat also dipped after it missed a deadline for an agreement to buy a 46 per cent stake in Zain. The stock lost 0.93 per cent to close at Dh10.65. The Abu Dhabi ADX index closed down slightly. The Dubai Financial Market General Index lost 1.5 per cent to close at 1,600.55, a 4 per cent drop in the past week, and the Abu Dhabi Securities Exchange General Index retreated 0.89 per cent to 2,713.20.

In Dubai, property also took a hit as Emaar Properties, Arabtec Holding and Deyaar Development fell - by 2.59 per cent to Dh3.38, 1.61 per cent to Dh1.83 and 3.01 per cent to 30 fils, respectively.

The Saudi Tadawul All-Share Index gained 0.14 per cent to 6,788.42 as a stream of positive fourth-quarter results was announced.

Oman's market index edged 0.01 per cent higher to 7,027.32; Qatar rose 0.07 per cent to 9,242.63; Bahrain rose 0.32 per cent to 1,436.19 and Kuwait slipped 0.19 per cent to 6,922.90.

 

fhalime@thenational.ae