Aldar closed 6.9 per cent higher at Dh2.51.
Aldar closed 6.9 per cent higher at Dh2.51.

Property stocks build up trade

Shares in heavyweight property stocks drove movement in the market as local bourses ended the day mixed.

The Dubai Financial Market General Index lost 0.9 per cent to 1,700.44 points and the Abu Dhabi Securities Exchange General Index rose 0.5 per cent to 2,754.60 points.

Stocks in Abu Dhabi were led by Aldar Properties, which closed 6.9 per cent higher at Dh2.51, its highest level in more than a month. It was the most actively traded stock on the exchange with volume topping 80 million.

"Given the market activity surrounding Aldar, the market is anticipating a favourable outcome to the funding issue," said Shehzad Janab, the head of asset management and advisory 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 as Sorouh Real Estate increased 4.7 per cent to Dh1.77.

But Dubai's 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 8,779.49.

Kuwait slipped 0.1 per cent to 6,860.30; Oman moved 0.3 per cent higher to 6,717.26; Bahrain rose 0.2 per cent to 1,433.04. The Saudi Tadawul All-Share Index increased 0.3 per cent to 6,452.41 points.

Company profile

Company name: Ogram
Started: 2017
Founders: Karim Kouatly and Shafiq Khartabil
Based: Dubai, UAE
Industry: On-demand staffing
Number of employees: 50
Funding: More than $4 million
Funding round: Series A
Investors: Global Ventures, Aditum and Oraseya Capital

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