Abu Dhabi's stock market rose yesterday, as investors speculated that plans to merge the capital's two biggest property developers would succeed.
Aldar Properties, the developer behind Yas Island and Ferrari World, rose 4.9 per cent to Dh1.07 on the Abu Dhabi Securities Exchange (ADX) General Index. Sorouh Real Estate, the developer behind the Sun and Sky Towers, jumped 5.1 per cent to Dh1.03.
"Investors [are] playing closer attention to the upcoming merger," said Anastasios Dalgiannakis, an institutional trading manager at Mubasher Financial Services in Dubai. Aldar and Sorouh in March said they were preparing a merger study to be put before both boards within the next three months.
The ADX General Index rose 0.2 per cent to 2,468.49. The Dubai Financial Market (DFM) General Index rebounded yesterday, as global markets stabilised after the G8 leading industrialised nations said they wanted debt-ridden Greece to remain in the euro zone.
Tabreed, a district cooling company, jumped 4.9 per cent to Dh1.28. Tamweel, a mortgage company that complies with Sharia rules, rose 3.5 per cent to Dh1.18. The DFM General Index increased 1.4 per cent to 1,488.09.
"Global sentiment remains mostly negative but some stocks have reached depressed valuations, so its natural to see a rebound," Mr Dalgiannakis said.
Elsewhere in the region, Kuwait's measure slipped 0.1 per cent to 6,415.24. Bahrain's index lost 0.2 per cent to 1,146.44. Oman's bourse was largely unchanged at 5,623.22. Qatar's index added 0.2 per cent to 8,423.30. The Saudi Tadawul All-Share Index rose 0.71 per cent to 7,029.35 points.
halsayegh@thenational.ae
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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