Aldar Properties shines as investors await good news

Local bourses did not react to news that Osama bin Laden was killed by US forces as regional markets have bigger issues to worry about, analysts said.

Shares of Aldar Properties, the developer of the HQ building, gained 2 per cent in trading yesterday.

Aldar Properties made its biggest gain in more than two weeks yesterday, snapping a six-day streak of trading losses as investors speculated about a positive surprise from first-quarter results.

Shares in Abu Dhabi's largest publicly traded developer closed 2 per cent higher at Dh1.55 on the Abu Dhabi Securities Exchange, their highest since April 17. Aldar has declined by 6 per cent since April 24.

Sorouh Real Estate, the second-largest developer in the emirate, added 2.8 per cent, its biggest gain since April 19. The Abu Dhabi Securities Exchange General Index was unchanged at 2,692.02 points.

"Investors who are expecting first-quarter results to beat expectations are building their positions," said Ameed Kanaan, the general manager at AlJazeera Financial Services brokerage in Dubai. A consensus of analyst estimates at Bloomberg News expects the developer to post a loss of Dh195.8 million.

Property and construction stocks fell in Dubai. Emaar Properties, the developer of the Burj Khalifa, lost 0.3 per cent to close at Dh3.24. Union Properties, the company behind Dubai's Motor City, declined 0.9 per cent to 40 fils a share, while Deyaar Development lost 0.6 per cent to 31 fils. The Dubai Financial Market was unchanged at 1,627.86.

Elsewhere in the region: Kuwait's measure rose 0.1 per cent to 6,516.60; Bahrain's was unchanged at 1,406.02; Oman's advanced 0.6 per cent to 6,372.32; and Qatar's declined 0.3 per cent to 8,514.11. The Saudi Tadawul All-Share Index rose 0.5 per cent to 6,719.53.