x Abu Dhabi, UAEWednesday 26 July 2017

Emirati housing prospects boost Sorouh shares in Abu Dhabi

Market Wrap: Sorouh Real Estate was a rising star after the Abu Dhabi developer announced yesterday that it expects to build Emirati housing projects worth up to Dh25 billion in the next eight years - with video.

Sorouh Real Estate was a winner among lacklustre trading on the country's bourses after Abu Dhabi's second biggest developer announced yesterday that it expects to build Emirati housing projects worth up to Dh25 billion in the next eight years.

Sorouh closed 3.4 per cent higher to Dh1.50 on the Abu Dhabi bourse. Shares initially rose as much as 4 per cent during the first half of the trading session.

The Abu Dhabi Securities Exchange General Index closed down 0.2 per cent to 2703.57 points.

In Dubai, stocks mostly declined after an overnight sell-off in the US markets prompted negative sentiment among investors.

Dubai Financial Market Company was down 2.1 per cent to Dh1.40. Union Properties lost 3.8 per cent to 43 fils. Emaar Properties was 0.5 per cent lower to Dh3.41 a share.

Last night, the US markets declined after ratings agency Standard & Poor's cut its credit outlook on the country. The Dow Jones Industrial Average declined 1.1 per cent to 12201.59 points.

Elsewhere in the region, Kuwait's measure was up 0.3 per cent to 6396.50. Bahrain's benchmark lost 0.6 per cent to 1393.82. Oman's index lost 0.4 per cent to 6369.90. Qatar's index declined 0.1 per cent to 8633.40. The Saudi Tadawul All-Share Index lost 0.6 per cent to 6494.12.