x Abu Dhabi, UAEFriday 21 July 2017

Aldar slips as wait for state funding goes on

Property stocks, which make up the bulk of trading on the bourse, continue to fall.

Traders monitor the stock market at the Abu Dhabi Securities Exchange.
Traders monitor the stock market at the Abu Dhabi Securities Exchange.

Aldar Properties finished the week down almost 10 per cent yesterday as government funding failed to materialise.

Shares of Aldar closed flat at Dh2.26, but again were the most heavily traded on the Abu Dhabi Securities Exchange.

Investors are losing patience with Aldar as they wait to learn how much support the Abu Dhabi Government will provide and when it will be delivered, said Ameed Kanaan, the general manager of Al Jazira Financial Services in Dubai.

The Abu Dhabi Securities Exchange General Index remained unchanged at 2,715.55.

Property stocks, which make up the bulk of trading on the bourse, continued to fall as they did throughout most of the week. Sorouh Real Estate declined 1.8 per cent to Dh1.63 and RAK Properties fell 2.1 per cent to 45 fils.

On the Dubai Financial Market General Index, Emaar Properties moved up 0.8 per cent to Dh3.55. The Dubai developer said it identified "better and viable options" than converting debt into equity in Amlak Finance. A committee restructuring Amlak is considering the options, Emaar said in a filing to the Dubai bourse.

Arabtec Holding moved up 1.5 per cent to Dh1.95. Dubai Financial Market Company added 1.3 per cent to Dh1.51.

Elsewhere in the region Kuwait's measure added 0.3 per cent to 6,853.20 and Bahrain's index gained 0.2 per cent to 1,427.14. Oman's bourse declined 0.1 per cent to 6,635.11 and Qatar's index lost 0.4 per cent to 8,733.16. The Saudi Tadawul was closed for the day.

halsayegh@thenational.ae