Aldar shares surge on Abu Dhabi bourse

Aldar Properties led the day on the UAE bourses with its shares hitting their highest mark in more than a month with a near 7 per cent gain.

The Abu Dhabi developer saw its shares close 6.9 per cent higher to Dh2.51 on the Abu Dhabi Securities Exchange, the most actively traded stock on the exchange with volumes of shares more than 80 million.

Heavyweight real estate stocks drove movement across the UAE's local bourses which ended the day mixed. The Dubai Financial Market (DFM) General Index lost 0.9 per cent to 1,700.44 points and the Abu Dhabi Securities Exchange rose 0.5 per cent to 2,754.60 points.

"Given the market activity surrounding Aldar, the market is anticipating a favourable outcome to the funding issue, given the heightened activity on the stock," said Shehzad Janab, analyst at Daman.

Last month, the company was in talks with the Abu Dhabi Government about the company's cash requirements. An announcement is expected to be made by the end of the month.

The positive sentiment fed into the rest of the property sector in Abu Dhabi as Sorouh Real Estate increased 5.3 per cent to Dh1.78.

But in Dubai, the index retreated for the first time in four weeks. Property stocks dragged on the market as Emaar Properties fell 0.8 per cent to Dh3.77 and Arabtec fell 0.5 per cent to Dh2.11.

Elsewhere in the region, the Qatar exchange maintained a fifth day of gains on optimism that investment on infrastructure will boost the economy ahead of the 2022 World Cup. The index rose 1.8 per cent to 8779.49; Kuwait slipped 0.1 per cent to 6860.30; Oman moved 0.3 per cent higher to 6717.26; Bahrain rose 0.2 per cent to 1433.04. The Saudi Tadawul All-Share Index increased 0.2 per cent to 6452.41 points.