x Abu Dhabi, UAEWednesday 26 July 2017

Aldar struggles on bourse but markets remain positive

MARKET CATCH-UP: Aldar Properties remains a point of caution for local investors as it fell to a historic low, but remained the most actively traded stock in Abu Dhabi - with video.

Aldar Properties dropped to a new low on the capital's market yesterday after investors remained cautious about the company's funding framework.

The Abu Dhabi developer closed down 4.2 per cent to Dh1.83, after it fell as much as 5.2 per cent during intraday trading, but remained the most actively traded stock.

But some market experts said the impact of the stock's fall in the last few months has not affected markets as much as anticipated.

"We have not seen the contagion to the market. The price has lost more than 20 per cent but over all the market has been positive. We could have seen a panic movement but it didn't happen," said Sébastien Henin, MENA portfolio manager at The National Investor, the investment bank.

Dana Gas was the top gainer in the capital as it gained 1.3 per cent to 76 fils and more than 5.4 million shares were traded.

In Dubai, Air Arabia maintained its top spot as the company's chief executive said it was targeting 20 more hubs throughout the region.

Shares in the company rose 0.7 per cent to 85 fils on the Abu Dhabi exchange with more than 31m shares changing hands.

National Bank of Abu Dhabi and Abu Dhabi Islamic Bank were also top gainers as the stocks rose 0.8 per cent to Dh12.10 and 0.6 per cent to Dh3.04.

Investment company Waha Capital moved higher as traders bought into the positive set of results released in the morning. The company posted a 15 per cent increase in net profit for 2010.

It gained 2.5 per cent to 83 fils. The company has risen 5.1 per cent in the last two days.

The Dubai Financial Market (DFM) General Index fell 0.42 per cent to 1,623.29 points and the Abu Dhabi Securities Exchange (ADX) lost 0.29 per cent to 2,666.54 points.

Elsewhere in the region; Kuwait edged 0.18 per cent higher to 6,972.70 points; Bahrain rose 1.28 per cent to 1,454.15 points; Oman increased 0.27 per cent to 6,984.14 points and Qatar closed 0.35 per cent higher to 9,015.81 points.