x Abu Dhabi, UAETuesday 16 January 2018

Aldar lifts property shares

Growing anticipation that government funding is about to help Aldar's prospects the property company's shares rose on the Abu Dhabi bourse.

Aldar Properties rose for the first time in a week, leading the property sector higher.

The Abu Dhabi developer closed 3.10 per cent up at Dh2.33. Speculation that the company will receive government funding has dictated the movement of the stock in the past month, and it was the most-traded stock on the Abu Dhabi Securities Exchange (ADX) yesterday. More than 20 million Aldar shares changed hands.

The company helped to revive positive sentiment in the rest of the capital's property companies as Sorouh Real Estate moved 1.8 per cent higher to Dh1.66, and Arkan Building Materials closed 1.12 per cent higher at Dh1.81. The ADX General Index rose 0.2 per cent to close at 2,722.26, and the Dubai Financial Market General Index advanced 0.1 per cent to 1,641.15.

In Dubai, the building contractor Arabtec climbed 2.5 per cent to Dh2, and Emaar Properties moved 0.6 per cent higher to Dh3.57.

Emirates NBD was one of the top gainers in early trading yesterday but closed down 1.4 per cent at Dh2.90, with a low traded share volume of 17,000.

"If you want exposure to banks, Emirates NBD is the top," said Alfred Fayek, the head of MENA equity sales at EFG-Hermes. But he noted that the stock was not well traded.

The Islamic insurance company Dar Al Takaful closed nearly 5 per cent higher at 91 fils as it appointed a new managing director.

Bahrain's index rose 0.2 per cent to 1,427.14; Oman's inched 0.7 per cent higher to 6,680.44; Kuwait's declined 0.08 per cent to 6,847.70; and the Saudi Tadawul All-Share Index closed 0.2 per cent higher at 6,577.11. Qatar's exchange was closed for National Day.