Aldar leads way on gains

Shares of Aldar Properties rise the most on a month in anticipation of government funding, analysts said.

Aldar Properties rose 2.9 per cent to Dh2.42. Jaime Puebla / The National

Aldar Properties rose the most in a month as investors speculated that a government package for the company would be announced soon.

Aldar, listed on the Abu Dhabi Securities Exchange, rose 2.9 per cent to Dh2.42, its largest advance since December 12.

"The performance in price today is relatively better in comparison to the general market," said Julian Bruce, the director of institutional equity sales at EFG-Hermes in Dubai. In November, the developer said it was in the final stages of talks with the Abu Dhabi Government over its cash requirements.

The firm has Dh14 billion of debt maturing this year, said EFG-Hermes. Separately, Aldar is managing the expansion of the Masdar Institute of Science and Technology campus in Abu Dhabi and yesterday awarded a Dh750 million contract to Arabian Construction for the second phase of the project. Banking stocks in Abu Dhabi made decent gains, but volumes continued to be weak, Mr Bruce said.

Abu Dhabi Islamic Bank rose 1.6 per cent to Dh3.04. Sharjah Islamic Bank advanced 1 per cent to 95 fils.

The Abu Dhabi Securities Exchange General Index closed 0.4 per cent higher at 2,764.15. The Dubai Financial Market General Index slipped 0.1 per cent to 1,665.55.

Insurance companies led the gainers, with Takaful Al Emarat Insurance, adding 7.8 per cent to 81 fils a share.

Elsewhere in the region: Kuwait's measure declined 0.1 per cent to 6,966.40; Bahrain's declined 0.1 per cent to 6,966.40; Oman's advanced 0.3 per cent to 6,949.95; and Qatar's was unchanged at 9,019.71.

The Saudi Tadawul All-Share Index slipped 0.09 per cent to 6,723.31.