x Abu Dhabi, UAESunday 23 July 2017

Aldar shares build on second quarter results

Markets Wrap: Abu Dhabi’s shares climbed to the highest level in four months after Aldar Properties reported a 228 per cent surge in second-quarter profit.

Abu Dhabi’s shares climbed to the highest level in four months after Aldar Properties reported a 228 per cent surge in second-quarter profit.

Aldar, the Yas Island developer, increased 0.8 per cent to Dh1.25. Net income in the quarter that ended on June 30 climbed to Dh418 million from Dh127m last year.

The Abu Dhabi Securities Exchange General Index gained 0.8 per cent to 2,534.72. The gauge briefly touched 2532.07 at midday, the highest level since April 15.

“Happy markets, people are happy,” said Mohammed Ali Yasin, the managing director at Abu Dhabi Financial Services, the brokerage arm of National Bank of Abu Dhabi.

“Investors earlier priced in good results for Aldar but not this good.”

RAK Properties and Eshraq, two developers that have yet to report their results, were unchanged at 35 fils and 31 fils, respectively.

Tabreed fell 0.8 per cent to Dh1.24 after the district cooling company announced its chief executive, Sujit Parhar, had resigned and would be replaced by Jasim Thabit, who joins from Mubadala Development, a strategic investment company owned by the Abu Dhabi Government.

Elsewhere, the Dubai Financial Market General Index also added 0.8 per cent to 1,569.4.

In the rest of the region, Kuwait’s measure lost 0.2 per cent to 5,699.36, while Bahrain’s index added 0.4 per cent to 1,079.69. Oman’s MSM 30 Index added 0.4 per cent to 1,079.69 and Qatar’s QE Index added 0.1 per cent to 8,416.46.

The Saudi Tadawul was closed for the day.

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