Aldar stocks rise on growing government funding hopes

MARKETS LATEST: Growing anticipation that government funding is about to help Aldar's prospects the property company's shares rose on the Abu Dhabi bourse.

Aldar Properties extended a volatile trend as it rose for the first time in a week today and led the real estate sector higher.

The Abu Dhabi developer closed 3.10 per cent higher to Dh2.33.

Speculation that it would receive government funding has dictated the movement of the stock in the last month but it was the most traded stock on the Abu Dhabi Securities Exchange (ADX) as more than 20 million shares changed hands.

It revived positive sentiment in the rest of the capital's property companies as Sorouh Real Estate moved 1.8 per cent higher to Dh1.66 and Arkan Building Materials Company closed up 1.12 per cent to Dh1.81.

The Abu Dhabi Securities Exchange increased 0.2 per cent to 2,722.26 points and the Dubai Financial Market Index gained 0.1 per cent to 1,641.15 points.

In Dubai, Arabtec, the building contractor, climbed 2.5 per cent to Dh2.00 and Emaar Properties moved 0.6 per cent higher to Dh3.57.

Emirates NBD was one of the top gainer in early trading yesterday, but closed down 1.4 per cent to Dh2.90 and had low volume of shares traded at just 17,000.

Alfred Fayek, head of MENA equity sales at EFG Hermes said: "If you want exposure to banks, Emirates NBD is the top, but I wouldn't recommend it right now because it is so illiquid."

Shares in the Islamic insurance company Dar Al Takaful, closed nearly 5 per cent up to Dh0.91 as it appointed a new managing director to "improve the role of Dar Al Takaful in the UAE's markets," said the company.

Elsewhere in the region: Bahrain rose 0.2 per cent to 1,427.14 points; Oman ticked 0.7 per cent higher to 6,680.44 points; Kuwait lost 0.08 per cent to 6,847.70 points and the Saudi Tadawul All-Share closed 0.2 per cent higher to 6,577.11 points. Qatar's exchange was closed for National Day.